ADNOC Drilling has signed an agreement to acquire two offshore jack-up drilling units for an undisclosed sum.

The two Gusto MSC-design, premium, independent leg cantilever rigs have been purchased from Well Target Five and Well Target Six.

Part of the three-year capital expenditure guidance, the investment is part of the expansion strategy to achieve a production capacity of five million barrels per day (bpd) by the end of this decade.

ADNOC Drilling CEO Abdulrahman Abdullah Al Seiari said: “We are extremely pleased to have completed the acquisition of these two premium rigs, which will further bolster our position as a regional drilling leader and complement our already high quality offshore jack-up fleet.

“The new drilling units will join the ADNOC Drilling fleet and start operations in the third quarter [of] 2022, enabling considerable revenue for ADNOC Drilling to the benefit of our investors and the United Arab Emirates.”

ADNOC Drilling has expanded its fleet to 104 rigs as of 31 March 2022, from 96 since its listing on the Abu Dhabi Securities Exchange in October last year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier this year, Adnoc awarded framework agreements, worth $1.94bn, for wireline logging and perforation services.

The agreements form part of Adnoc’s plan to enable drilling growth.

ADNOC recently announced three oil discoveries that could add over 650 million barrels of oil to the UAE’s hydrocarbon reserves.