Khaleej
Times, Wednesday, Nov 23, 2022 | Rabi Al Thani 28, 1444
Adnoc Drilling purchases three high-specification jack-up rigs
The cost of the acquisition is part of the company’s three-year guidance on
capital expenditure and its strategic growth plans.
The acquisition underpins the company’s accelerated fleet expansion and
enterprising growth strategy. Earlier sale and purchase agreements were signed
on May 30 (for two rigs), June 10 (one rig) and August 24 (one rig). The latest
three rigs have a combined cost of $320 million (Dh1.17 billion) and are premium
high-specification jack-up rigs.
Abdulrahman Abdullah Al Seiari, chief executive officer of Adnoc Drilling, said:
“We continue to execute our bold growth strategy as a key enabler of Adnoc’s
ambitious production capacity targets. The latest acquisition of these premium
rigs will be central to our success and cement our position as one of the
world’s largest jack-up rig fleet owners, as we strive to significantly boost
revenues and shareholder returns over the coming years.”
As the company’s new rigs progressively enter the fleet, Adnoc Drilling expects
a further boost to its financial and operating performance to the benefit of its
clients, shareholders and the UAE.
Since listing on the Abu Dhabi Securities Exchange in October 2021, Adnoc
Drilling has rapidly expanded its fleet from 95 to 108 owned rigs, as of 30th
September. With the addition of the latest three high-specification rigs the
Company will operate one of the largest offshore jack-up fleets in the world,
with 30 rigs, and plans further growth in the short term.
Adnoc Drilling continues to demonstrate strong and resilient growth combined
with a sustainable and progressive dividend policy. In the nine months to
September 30, 2022, the company delivered revenue of $1.94 billion, a 15 per
cent increase year-on-year, with $568 million in net profit – a 24 per cent
increase.