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ADNOC Drilling Accelerates Fleet Expansion Program

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ADNOC Drilling Company PJSC today announced it has signed a sale and purchase agreement (SPA) to acquire an additional two premium offshore jack-up drilling units. The investment is central to the Company’s enterprising expansion strategy and forms part of its three-year guidance on capital expenditure.

ADNOC Drilling’s fast-tracked fleet expansion program keeps the Company firmly on its growth trajectory as it enables ADNOC’s ambitious targets to deliver 5 million bpd production capacity and realize gas self-sufficiency for the UAE, while increasing potential for greater shareholder returns.

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 program, 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. In addition to ADNOC Drilling’s commitment to continuously deliver strong shareholder returns. The new drilling units will join the ADNOC Drilling fleet and start operations in the third quarter 2022, enabling considerable revenue for ADNOC Drilling to the benefit of our investors and the United Arab Emirates.”

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