Abu Dhabi, UAE— ADNOC Drilling Company Wednesday awarded a five-year $1.6 billion framework agreement for Integrated Drilling Fluids Services (IDFS) to support the expansion of ADNOC’s lower-cost and lower-carbon intensive production capacity.
The award covers ADNOC’s onshore and offshore fields and will see an additional $750 million above guidance added to Oilfield Services (OFS) revenue, or $150 million per year.
The contract award brings the total value of awards confirmed by ADNOC Drilling in 2022 to $8.85 billion, of which $1.15 billion has been incremental to the company’s previously disclosed revenue guidance.
Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, commented, “This award, one of several multi-billion dollar long-term contracts that we have secured in 2022, reaffirms our strategic value to ADNOC not just as a drilling provider but as a major OFS player.
“Contracts of this scale help us to ensure that we deliver strong and sustained growth for the UAE and ADNOC Drilling’s shareholders. The addition of $750 million in above-guidance revenue solidifies that growth trajectory,” he said.
On 3 October 2022, ADNOC Drilling celebrated one year since listing on the Abu Dhabi Securities Exchange. At the time, the initial public offering was the largest listing in the history of the exchange and was 31 times oversubscribed. As of 30th September 2022, the Company had delivered a Total Shareholder Return of 53.7 percent.
