UAE’s drilling giant adds two more jack-up rigs to its fleet

As part of its fleet expansion strategy, the UAE-based ADNOC Drilling has signed a sale and purchase agreement (SPA) to acquire an additional two premium offshore jack-up drilling units. The investment forms part of its three-year guidance on capital expenditure.

ADNOC Drilling’s fast-tracked fleet expansion programme keeps the company firmly on its growth trajectory as it enables its targets to deliver 5 million bpd production capacity and realise gas self-sufficiency for the UAE, the rig owner informed on Monday.

Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, commented: “We are extremely pleased to have completed the acquisition of these two premium rigs, which will further bolster our position as a regional drilling leader and complement our already high quality offshore jack-up fleet.

“This is another important step in our fast-paced expansion and growth programme, ensuring we meet increasing demand as we enable ADNOC’s ambitious oil and gas production capacity growth as well as achieving gas self-sufficiency for the UAE.”

He also added that the two new drilling rigs will join the company’s fleet in the third quarter of 2022.

ADNOC Drilling said that the two new drilling units, of a Gusto MSC design, are being acquired from Well Target Five Limited and Well Target Six Limited. However, the company has not revealed any details about the value of the deal.

Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 96 to 104 owned rigs on 31 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,” ADNOC Drilling concluded.