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May 30, 2022

ADNOC Drilling expands drilling rig fleet with two offshore units

The investment is part of the company’s plan to achieve a production capacity of five million bpd.

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.

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.

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