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Cairo
June 17, 2024
Egypt Bulletin
Business

Additional premium jack-up rig acquired by ADNOC Drilling

As part of its continued expansion plans, ADNOC Drilling Company (ADNOC Drilling) has signed an agreement with a major oil and gas company to acquire an additional jack-up drill (rig) for the price of $70 million. The cost of the acquisition is included in the Company’s three-year capital expenditure guidance and strategic expansion plans. This is the third sale and purchase agreement signed by the Company in recent months.

Additional premium jack-up rig acquired by ADNOC DrillingThis follows an agreement for two premium drilling units signed on 30th May and another for one premium drilling unit inked on 10th June. The four premium offshore drilling units are expected to join ADNOC Drilling’s fleet by year-end, bringing the company’s total offshore jack-up fleet to 28 operational units, one of the largest in the world. The acquisition cements ADNOC Drilling’s position as the Middle East’s largest rig owner and operator.

ADNOC Drilling’s amplified rig acquisition program is a key element of its strategy to substantially grow its business, which will enhance revenues and shareholder returns. After its initial public offering in October 2021, ADNOC Drilling has shown strong and resilient growth. The Company’s first half of 2022 revenue was $1.27 billion, up 13% year-on-year, with net income of $379 million, up 34%.

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