Adnoc Drilling Company, a unit of Adnoc Group, has signed an agreement to purchase six newbuild hybrid power land rigs in a deal valued at $75m (Dh275.44m).
The brand new hybrid power rigs will be constructed by Honghua Golden Coast.
These rigs will gradually join the company’s fleet, starting in the second quarter of 2024.
They will start contributing a portion of their sales and EBITDA in 2024 and a full year’s worth in 2025, the drilling giant said.
In March, Adnoc Drilling Company signed a $252m agreement to purchase ten new-build hybrid power land drilling rigs.
With this latest award, Adnoc Drilling has ordered a total of 16 new-build hybrid power land rigs since the beginning of the 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.
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 formBy GlobalData
The addition of new rigs to the fleet is part of the medium-term guidance to increase the owned-rig count to 142 by the end of 2024.
Adnoc Drilling said it will use hybrid power solutions to meet its decarbonisation strategy to contribute to Adnoc Group’s aim of reducing its greenhouse gas intensity by 25% by 2030.
Adnoc Drilling CEO Abdulrahman Abdullah Al Seiari commented: “As we implement our bold fleet expansion plan, we are working to ensure that growth comes with the delivery of our decarbonisation commitments.”
The rigs use conventional diesel generators alongside high-capacity battery and engine automation.
The drilling units are hybrid workover land rigs with 750 HP Fast Desert Moving designs.
In November last year, Adnoc awarded framework agreements worth $4bn to expand its low-carbon oil production capacity. The contracts for integrated drilling fluids services were awarded to Adnoc Drilling Company, Schlumberger Middle East, and Halliburton Worldwide.