Abu Dhabi National Oil Company (ADNOC) has announced that its drilling arm has acquired two offshore jack-up drilling units for $220 million as part of its fleet expansion strategy to meet the growing global energy demand.
The jack-up rigs are expected to become operational by the end of this year and will contribute to ADNOC Drilling's revenue from next year onwards. The acquisition will almost double the company's offshore jack-up rig fleet since early 2021, with further expansion expected until the end of 2024.
ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari believes the acquisition will support ADNOC Offshore in accelerating its production capacity. ADNOC Drilling's Q1 2023 net profit surged by 25% YoY to $219 million, driven by its growing fleet of rigs and service offering expansion.
The company plans to invest between $1.3 to $1.8 billion this year and aims to grow its overall fleet to 142 owned rigs by 2024.
