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Strengthening its position as the largest owner and operator of drilling rigs in the Middle East, Adnoc Drilling has signed a sale and purchase agreement to acquire an additional premium offshore jack-up drilling rig for US$70 million.
WAM reported that the sale and purchase agreement is the third agreement signed by the company in recent months, with two high-quality drilling rigs signed on May 30 and another high-quality drilling rig signed on June 10.
All four high-quality offshore rigs are expected to join the company’s fleet by the end of the year, bringing Adnoc Drilling’s total offshore jackup fleet to 28 operating units and one of the largest operating fleets in the world.
three-year guidance
The cost of the acquisition is part of the company’s three-year guidance on capital expenditures and a strategic plan to expand existing businesses.
Adnoc Drilling’s plans to expand its rig acquisitions are at the heart of its strategic plan to significantly grow the business, significantly increasing the company’s revenue and shareholder returns over the next few years.
Adnoc Drilling CEO Abdulrahman Abdullah Al Seiari commented: “The acquisition of this rig is at the heart of our bold growth strategy and this rig will support us in delivering on our commitment to our shareholders.
getting taller
“Over the past 50 years, Adnoc Drilling has grown in size, position and capability. Our position today as the owner and operator of one of the largest offshore jack-up fleets in the world is a testament to the strength of our employees The expertise and visionary leadership of the UAE.”
Adnoc Drilling has shown strong and resilient growth following its October 2021 IPO. In the first half of 2022, the company achieved revenue of US$1.27 billion, a year-on-year increase of 13%, and net income of US$379 million, an increase of 34%. arab trade news agency
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