Fossil Energy – Drilling
As part of its continued expansion plans, ADNOC Drilling Company (ADNOC Drilling) has signed an agreement with a major oil and gas company to acquire an additional jack-up drill (rig) for the price of $70 million.
The cost of the acquisition is included in the Company’s three-year capital expenditure guidance and strategic expansion plans. This is the third sale and purchase agreement signed by the Company in recent months.
This follows an agreement for two premium drilling units signed on 30th May and another for one premium drilling unit inked on 10th June.
The four premium offshore drilling units are expected to join ADNOC Drilling’s fleet by year-end, bringing the company’s total offshore jack-up fleet to 28 operational units, one of the largest in the world.
The acquisition cements ADNOC Drilling’s position as the Middle East’s largest rig owner and operator.
