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Abu Dhabi-based ADNOC Drilling has signed a sale and purchase agreement (SPA) to acquire two additional premium offshore jack-up drilling rigs (rigs).
The two new rigs, with a combined cost of $140 million, will join the ADNOC drillship fleet and begin operations by the end of 2022, the company said in a statement.
The acquisition is the fourth confirmed by the company in recent months – agreements for two high-quality drilling rigs were signed on May 30, an additional high-quality drilling rig was signed on June 10, and August 24. The latest agreement for an installation was signed today. The company plans to make further acquisitions.
read: Abu Dhabi’s ADNOC Drilling to acquire offshore jack-up rig for $70m
ADNOC Drilling CEO Abdulrahman Abdullah Al Seiari commented: “The acquisition of these new jack-up rigs strengthens our position as the owner of one of the world’s largest operating jack-up fleets and will significantly enhance the company’s Revenue, cash flow and shareholder returns over the next few years.”
ADNOC Drilling Company was listed on the Abu Dhabi Stock Exchange (ADX) in October last year.
read: ADNOC Drilling is listed on the Abu Dhabi Stock Exchange
Since listing, ADNOC Drilling has expanded its own rigs from 96 to 105 rigs as of July 31, 2022. With the latest addition, the company will have one of the world’s largest operating fleets of offshore jack-up rigs, totaling 32 days, the statement added.
The company reported revenue of $1.27 billion in the first half of 2022, up 13% year over year, while net income rose 34% to $379 million.
Meanwhile, the company announced last month that it had won two contracts totaling more than $3.4 billion to lease eight jack-up offshore rigs.
read more: ADNOC Drilling wins over AED12.6 billion worth of contracts to expand offshore drilling activities
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