ADNOC Drilling Co. has signed a sale and purchase agreement (SPA) to acquire an additional premium offshore jackup drilling unit for $70 million. The cost of the acquisition is part of the company’s three-year guidance on capex and strategic plans to expand its existing business. 

The SPA is the third signed by the company in recent months, with an agreement for two premium drilling units signed on May 30 and another for one premium drilling unit signed on June 10.

All four premium offshore drilling units are expected to join the company’s fleet by year-end 2022, bringing ADNOC Drilling’s total offshore jackup fleet to 28 operational units, one of the largest operating fleets in the world.

ADNOC said the acquisition further cements its position as the largest owner and operator of rigs in the Middle East. 

CEO Abdulrahman Abdullah Al Seiari said, “The acquisition of this additional premium drilling unit is central to our bold growth strategy, and the rig will support us in delivering on our commitments to shareholders."

In first-half 2022, the company delivered revenue of $1.27 billion, a 13% increase year-on-year, with $379 million in net income—a 34% increase.

Source: Offshore Mag


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