Oil & Gas

Adnoc Drilling buys three more jack-ups

Adnoc Drilling has bought three more jack-ups for $320 million as the company continues to expand to tap into Middle Eastern demand.

Adnoc Drilling said the three rigs were brand new and high specification. It bought two rigs in May, one in June and one in August. As of the end of September, it had 108 rigs. Its jack-up fleet will reach 30 with the addition of the latest three, giving it one of the largest such fleets in the world.

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Abdulrahman Abdullah Al Seiari, CEO of Adnoc Drilling, said the company was continuing to work on its “bold growth strategy” in order to support Adnoc’s production 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,” Al Seiari said.

Adnoc Drilling did not say when it expected the new rigs to join its fleet.

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In the third quarter, the company signed deals to buy three jack-ups, for $210mn.

During the first nine months of 2022, Adnoc Drilling reported revenue from its offshore jack-ups of $431mn. This was flat year on year. Revenues in the third quarter in the segment fell to $143mn, down 9% on the year.

Adnoc and Adnoc Drilling have been working closely on scaling up production capacity in Abu Dhabi. The oil company is targeting production of 5 million barrels per day by 2030.

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Adnoc Offshore contracted eight jack-ups from Adnoc Drilling in the third quarter, in deals worth $3.4 billion.

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