UAE-based drilling giant ADNOC Drilling is expanding its operations beyond the United Arab Emirates for the first time by securing letters of award with a combined value of $313.6 million with the Kuwait Oil Company (KOC), a subsidiary of Kuwait’s state-owned national oil corporation the Kuwait Petroleum Corporation (KPC), to deploy two high-specification offshore jack-up rigs on multi-year assignments.
ADNOC Drilling has disclosed that Kuwait Petroleum Corporation Higher Procurement Committee (KPCHPC) approved the award of separate contracts for two offshore rigs, which will work for the Kuwait Oil Company.
The combined maximum value of these two deals is KWD 96,554,561.040 (approximately $313.6 million). The contracts represent the UAE firm’s entry into the drilling market offshore Kuwait.
The awards contemplate a four-year firm term inclusive of mobilization, with an additional one-year option. The drilling operations are expected to begin in the fourth quarter of 2027.
"This award marks ADNOC Drilling’s entry into offshore Kuwait and an important step forward in our international growth journey. We are proud to have been selected by Kuwait Oil Company and look forward to bringing our offshore expertise, disciplined execution and commitment to safe and reliable operations to this important market.”"
The awards build on ADNOC Drilling’s experience in complex offshore operations and support the regional expansion pillar of drill-to-operate, which identifies strategic partnerships and access to new customers, markets, and revenue streams as important drivers of long-term growth.
Subject to applicable conditions and completion of the relevant contractual formalities, the deals are anticipated to make their first full-year financial contribution in 2028.