Wednesday, December 14, 2022 – 9:25 am
ADNOC Drilling acquires two new self-elevating offshore drilling rigs to support ADNOC’s ambitious plan to increase production capacity.
The two new rigs acquired are part of the company’s aggressive program to expand its fleet in line with its exceptional growth expectations during 2023.
With the acquisition of the two new rigs, ADNOC Drilling becomes the owner of a fleet of self-elevating offshore rigs, among the largest in the world, comprising 32 drilling rigs.
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ABU DHABI, 14th December, 2020 (WAM) — ADNOC Drilling announced today that it has signed an agreement to acquire two new advanced self-elevating offshore drilling rigs (GustoMSC CJ46-X100-D), at a value of AED 734.7 million (US$ 200 million).
The new acquisition, which supports the company’s fleet acceleration program and enhances its growth strategy, is a pivotal enabler for ADNOC’s plan to raise production capacity to 5 million barrels of oil per day by 2027. To achieve this goal, the company has worked since early 2021 on Doubling the number of pieces of its fleet of self-elevating offshore rigs to 32 rigs today, and the company plans to achieve further expansion during 2023 and beyond.
It is noteworthy that the recent acquisition agreement was preceded by agreements during 2022 to acquire nine rigs, in addition to agreements to acquire four other rigs that took place during 2021.
On this occasion, Abdul Rahman Abdullah Al Sayari, CEO of ADNOC Drilling, said that the recent acquisition supports ADNOC’s ambitious plan to raise production capacity to 5 million barrels of oil per day by 2027. It also constitutes an important step in the company’s plan to implement its strong growth strategy that will enable it Increasing returns for shareholders, as well as consolidating its position among the companies that own a fleet of self-elevating offshore rigs, which is among the largest in the world.
He added that “ADNOC Drilling” aims to operate a fleet of rigs that includes no less than 122 drilling rigs owned by the company by 2024. The company will achieve this goal and will easily exceed it thanks to its program to accelerate the development and expansion of its fleet, which will enable it to achieve exceptional revenue growth with strong profit margins. .
Since its listing on the Abu Dhabi Stock Exchange in October 2021, the company has been able to increase the number of rigs it owns, as of September 30, 2022, from 95 to 108 drilling rigs. With the acquisition of the last two rigs, ADNOC Drilling will become the operator of a fleet of offshore rigs among the largest in the world and plans to strengthen it with further development and expansion plans.
ADNOC Drilling expects, in conjunction with the gradual commissioning of the two new rigs, that the company will enhance its financial and operational performance, which will help it fulfill its obligations to the UAE, its customers and shareholders.
ADNOC Drilling continues its strong and resilient growth trajectory, achieving sustainable and incremental profits. Since its listing on the Abu Dhabi Stock Exchange until today, ADNOC Drilling has won a package of contracts worth more than 47.74 billion dirhams (13 billion US dollars).
The company also achieved attractive total returns for shareholders, amounting to 53.7%, during the period from the date of its listing in October 2021 until the third quarter of this year 2022.
The company also achieved revenues for the first nine months of this year amounting to 7.12 billion dirhams (1.94 billion US dollars), an increase of 15% year-on-year, and a net profit of 2.09 billion dirhams (568 million US dollars), an increase of 24%.
Dina Omar / Ahmed Al Nuaimi