ADNOC Drilling Company said Monday it will acquire two premium offshore jack-up drilling units, calling the investment central to its expansion and which forms part of its three-year guidance on capital expenditure.
The two new drilling units, being acquired from Well Target Five Limited and Well Target Six Limited, are Gusto MSC design, premium independent leg cantilever rigs.
Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said the new drilling units will join the company’s fleet and start operations in the third quarter 2022, enabling considerable revenue for ADNOC Drilling to the benefit of investors and the UAE.
In a statement, the company said its fast-tracked fleet expansion programme keeps the company on its growth trajectory as it enables ADNOC’s targets to deliver 5 million bpd production capacity and realise gas self-sufficiency for the UAE, while increasing the potential for greater shareholder returns.
Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 96 to 104 owned rigs, on 31st March 2022. This acquisition cements the company’s position as the largest national drilling company in the Middle East by rig fleet size, with further plans for expansion supported by a significant capital expenditure programme, the statement added.