ADNOC Drilling wins offshore contracts worth $2 bln

ADNOC Drilling has signed five 10-year contracts worth USD 2 billion with ADNOC Offshore for provision of jackup rigs, the UAE’s drilling giant announced on Friday.

The Salamah 1, Al Saadiyat, Al Sila, Ramhan and Yas jackup rigs will support drilling operations on five fields across ADNOC’s portfolio.

Included in the contract are all necessary manpower and equipment.

Rigs will begin activity starting from the end of 2023.

All rigs are equipped with battery energy storage systems to reduce emissions in line with ADNOC’s goal to reduce its greenhouse gas intensity by 25% by 2030.

“Long-term contracts like these are the backbone of our business model, providing a clear line of sight on future earnings,” said Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling.

“As we continue to grow our fleet, our shareholders will benefit from the opportunity to be directly invested in ADNOC’s accelerated production capacity growth, which is driving faster revenue growth and progressive, long-term shareholder returns while responding to the world’s rising energy demand.