Two new drilling rigs will join the ADNOC drilling fleet and will begin work by the end of the year
Abu Dhabi-based drilling company ADNOC has signed a Purchase and sale agreement (SPA) for the acquisition of two additional offshore self-lifting drilling rigs (rigs) of premium class.
Two new drilling rigs with a total cost of $140 million will join ADNOC's drilling fleet and commercial operations by the end of 2022, the company said in a statement.
The acquisition is the fourth confirmed by the company in recent months – an agreement for two premium drilling rigs was signed on May 30, another agreement for one premium drilling rig was signed on June 10, and the last agreement for one rig was signed on August 24. The company plans to make further acquisitions.
Abdulrahman Abdullah Al Seyari, Chief Executive Officer of ADNOC Drilling, commented: “The acquisition of these new self-lifting rigs strengthens our position as the owner of one of the largest operating fleets in the world and will significantly increase the Company's revenue, cash flow and shareholder returns in the coming years.”
ANAL Drilling company was registered on the Abu Dhabi Securities Exchange (ADX) in October last year.
Since its listing, ANAL Drilling has expanded its fleet from 96 to 105 drilling rigs owned by it as of July 31, 2022. With the latest addition, the company will own one of the world's largest production capacities of offshore self-lifting units, the total number of which is 32, the statement said.
The company reported revenue of $1.27 billion for the first half of 2022, recording an increase of 13% year-on-year, while its net profit increased by 34% to $379 million.
Meanwhile, the company has received contracts totaling more than $3.4 billion for the construction of eight offshore drilling rigs, which was announced last month.
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