ADNOC Drilling, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), has secured a $1.15 billion contract with ADNOC Offshore. This agreement will deploy two new-generation jack-up rigs over a 15-year period. These rigs will support ADNOC Offshore’s growing offshore operations.
This contract solidifies ADNOC’s leadership in offshore drilling. ADNOC Drilling owns one of the largest offshore rig fleets in the world, with 47 rigs. The company can quickly respond to rising demand while ensuring safety, reliability, and efficiency.
New-Generation Jack-Up Rigs: Advancing Technology and Safety
ADNOC Drilling built the new rigs at the Lamprell shipyard in Sharjah. These rigs feature cutting-edge technology designed to improve safety, efficiency, and asset value. The rigs incorporate advanced digitalisation, real-time analytics, and artificial intelligence (AI). These technologies will help maximize operational uptime and boost performance.
AI, automation, and digitalisation will enhance ADNOC Drilling’s ability to serve ADNOC Offshore efficiently. CEO Abdulrahman Abdulla Al Seiari emphasized that the contract highlights ADNOC Drilling’s technical expertise and focus on long-term value creation. He also noted that the new rigs would play a key role in helping ADNOC meet its production capacity goals. These rigs will provide consistent, reliable returns for shareholders.
Long-Term Growth and Resilient Revenue Projections
The contract will run until 2040, providing steady revenue and aligning with ADNOC Drilling’s medium-term strategy. The new rigs are set to begin operations in late Q2 2025. This timeline will boost ADNOC Drilling’s revenue in the latter part of that year.
This contract is ADNOC Drilling’s third significant win in over a month. Recently, the company secured contracts worth a total of $3.6 billion. ADNOC Drilling remains focused on long-term growth, continuing to invest in advanced technologies to enhance efficiency.
Additionally, ADNOC Drilling recently secured a contract for three island rigs valued at $806 million. These rigs will support the Zakum development project, operating on both existing and newly developed artificial islands.
Conclusion
The $1.15 billion contract for two new-generation jack-up rigs marks a major milestone for ADNOC Drilling. It underscores the company’s commitment to long-term growth, operational excellence, and technological innovation. As the UAE continues to expand its energy sector, ADNOC Drilling remains a dominant player in the offshore drilling industry.
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