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Abu Dhabi-based ADNOC Drilling Company has signed an agreement to acquire two additional offshore jack-up drilling rigs (drilling rigs) of advanced Gusto MSC CJ46-X100-D design at a total cost of US$200 million.
The acquisition is part of the company’s fleet expansion and growth strategy, a key enabler of ADNOC’s accelerated oil production capacity target of 5 million barrels per day (mmbopd) by 2027, the company said in a statement on Wednesday. .
ADNOC Drilling has nearly doubled its offshore jack-up rig count to 32 since the beginning of 2021, with further significant expansion expected in 2023 and beyond. The rig purchase adds to previous deals of nine rigs signed in 2022 and four acquired in 2021.
read: Abu Dhabi’s ADNOC Drilling buys three offshore jack-ups for $320m
read: Abu Dhabi’s ADNOC Drilling buys offshore jack-up rig for $70m
“The recent acquisition of these high-quality jack-up rigs will support our lead customer ADNOC in achieving its accelerated capacity target of 5 mmbopd by 2027 and is another important step in the execution of our strategy to rapidly grow our business and significantly grow our revenue and increase shareholder returns,” said Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling.
“Our goal is to operate a fleet of at least 122 owned rigs by 2024, a milestone we will comfortably exceed at the current accelerated rate of growth in our fleet.”
Since listing on the Abu Dhabi Stock Exchange in October 2021, ADNOC Drilling has expanded its fleet of drilling rigs from 95 to 108 as of September 30, 2022.
ADNOC Drilling has signed more than $13 billion in contracts since its IPO. From its listing in October last year to the end of the third quarter of this year, the company’s total shareholder return rate was 53.7%.
ADNOC Drilling reported revenue of $1.94 billion for the first nine months of the year, up 15% year-over-year, with net income totaling $568 million.
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