ABU DHABI, UAE: ADNOC Drilling Company has announced the signing of an agreement to acquire two high-specification Gusto MSC CJ46 design offshore jack-up drilling units.
The acquisition, totaling $220 million, is in line with the company’s fleet expansion and growth strategy and will significantly contribute to ADNOC’s accelerated production capacity growth.
The two premium rigs will be delivered to Abu Dhabi waters and are expected to commence operations in the fourth quarter of 2023, with a substantial revenue contribution anticipated from 2024 onwards. The acquisition will nearly double ADNOC Drilling’s offshore jack-up rig fleet since early 2021 and is part of the company’s plan for further significant expansion by the end of 2024.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, highlighted the strategic importance of the acquisition, stating, “These premium jack-up rigs will cater to the drilling and completion services requirements of our major customer, ADNOC Offshore, as they ramp up production capacity. It marks another milestone in our growth strategy, aimed at rapidly expanding our business, boosting revenue, and delivering greater returns to our shareholders.”
With the addition of the new rigs, ADNOC Drilling solidifies its position as one of the largest owners of offshore jack-up rigs globally. The company has plans to grow its overall fleet to 142 owned rigs by 2024, reinforcing its market leadership and supporting the UAE’s vision for increased energy production.
Since its listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has demonstrated rapid expansion, increasing its owned rig fleet from 95 to 115 as of March 31, 2023. The introduction of the two premium rigs further enhances the company’s financial and operating performance, benefiting its customers, shareholders, and the UAE as a whole.
ADNOC Drilling plays a crucial role as a key enabler of ADNOC’s ambitious plans for accelerated production capacity growth. The company’s ongoing investments in advanced drilling assets and its commitment to operational excellence position it for continued success in meeting rising global energy demand.
ADNOC Drilling recommends a final dividend of $341.25 million for 2022