Abu Dhabi, UAE—ADNOC Drilling Company has signed an agreement to acquire an additional two premium high-specification Gusto MSC CJ46-X100-D design offshore jack-up drilling units for $200 million.
The acquisition is part of the Company’s fleet expansion and growth strategy that is a key enabler of ADNOC’s accelerated oil production capacity target of 5 million barrels per day (mmbopd) by 2027.
The Company has almost doubled its offshore jack-up rig fleet to 32 since early 2021, with further significant expansion expected in 2023 and beyond.
This rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.
Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said, “Our objective is to be operating a total fleet of at least 122 owned rigs by 2024, and at our fleet’s current, accelerated rate of growth we will easily surpass that milestone. Our rig acquisitions will deliver exceptional revenue growth with strong profitability margins.”
Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September, 2022.