Fossil Energy – Drilling
ADNOC Drilling Company signed a sale and purchase agreement to acquire an additional premium offshore jack-up drilling unit (rig) for $70 million.
The cost of the acquisition is part of the company’s three-year guidance on capital expenditure and strategic plans to expand its existing business.
The sale and purchase agreement is the third signed by the company in recent months, with an agreement for two premium drilling units signed on May 30, and another for one premium drilling unit signed on June 10.
All four premium offshore drilling units are expected to join the Company’s fleet by year-end, bringing ADNOC Drilling’s total offshore jack-up fleet to 28 operational units, one of the largest operating fleets in the world. The acquisition further cements ADNOC Drilling’s position as the largest owner and operator of rigs in the Middle East.
ADNOC Drilling’s amplified rig acquisition program is central to its strategic plan to substantially grow its business, significantly enhancing Company revenues and shareholder returns over the coming years.