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Adnoc Drilling Company has signed a US$200 million agreement to acquire two additional premium high specification Gusto MSC CJ46-X100-D offshore jack-up drilling rigs.
A report by WAM said the acquisition is part of the company’s fleet expansion and growth strategy, which is a key enabler of Adnoc’s accelerated oil production capacity target of 5 million barrels per day (mbpd) by 2027.
The company has nearly doubled its offshore jack-up rig count to 32 since the start of 2021, with further significant expansion expected in 2023 and beyond.
Add to earlier deals
The rig purchase adds to previous deals of nine rigs signed in 2022 and four acquired in 2021.
Abdulrahman Abdullah Al Seiari, Chief Executive Officer of Adnoc Drilling, commented: “The recent acquisition of these premium jack-up rigs will support our key customer Adnoc in achieving its accelerated capacity target of 5 mbpd by 2027, which is another important step in execution “Our strategy is to rapidly grow our business, significantly grow revenue and increase shareholder returns. It also strengthens our position as one of the largest fleet owners of jack-up rigs in the world.”
“Our goal is to operate a fleet of at least 122 owned rigs by 2024 and at the current accelerating rate of growth in our fleet we will easily exceed this milestone. Our rig acquisitions will deliver excellence revenue growth and strong margins.”
Rapid development
Since listing on the Abu Dhabi Stock Exchange in October 2021, Adnoc Drilling has rapidly expanded its own rig count from 95 to 108 as of September 30, 2022. Together with the latest two high-spec rigs, the company will operate one of the world’s largest offshore jack-up fleets, with plans to grow further.
As the company’s new rigs enter the fleet, Adnoc Drilling expects further improvements in its financial and operating performance to the benefit of its customers, shareholders and the UAE.
Adnoc Drilling continues to demonstrate strong and resilient growth coupled with a sustainable and progressive dividend policy. As of today, the company has signed contracts worth more than $13 billion since its IPO. From its initial public offering in October 2021 to the end of the third quarter of 2022, the company delivered an impressive total shareholder return of 53.7%. In the first nine months of 2022, the company achieved revenue of US$1.94 billion, a year-on-year increase of 15%, and net profit of US$568 million, a year-on-year increase of 24%. — trade arab news agency
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