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Abu Dhabi-based ADNOC Drilling announced that it has signed a sale and purchase agreement to acquire a premium offshore jack-up drilling rig (rig) for US$70 million.
It said in a statement that the cost of the acquisition was part of “the company’s three-year guidance on capital expenditures and a strategic plan to expand existing businesses.”
The sale and purchase agreement is ADNOC Drilling’s third in recent months – two high-quality drilling rigs were signed on May 30 and another high-quality drilling rig was signed on June 10.
All four high-quality offshore drilling units are expected to join the company’s fleet by the end of the year, bringing its total offshore jack-up rig fleet to 28 operating units.
ADNOC Drilling CEO Abdulrahman Abdullah Al Seiari commented: “The acquisition of this additional high-quality drilling rig is at the heart of our bold growth strategy and this rig will support us in delivering on our commitment to our shareholders.”
ADNOC Drilling Company was listed on the Abu Dhabi Stock Exchange (ADX) in October last year. After the IPO, the company reported a net profit of $604 million in 2021.
read: ADNOC Drilling is listed on the Abu Dhabi Stock Exchange
In the first half of 2022, ADNOC Drilling’s revenue was $1.27 billion, up 13% year over year, while its net income surged 13% to $379 million.
Meanwhile, the company announced earlier this month that it had won two contracts totaling more than $3.4 billion to lease eight jack-up offshore rigs.
read more: ADNOC Drilling secures contracts worth over AED12.6 billion to expand offshore drilling activities
ADNOC also recently awarded ADNOC Drilling two contracts worth a combined $2 billion to provide integrated drilling services and island drilling rigs at its Hail and Ghasha gas development projects.
read: ADNOC Drilling confirms $2 billion contract award for Ghasha mega project
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