They are scheduled to be operational by the end of 2022

ADNOC Drilling acquires two offshore rigs for 514 million dirhams

The new acquisition comes as part of the company's ongoing efforts to support its growth strategy.

From the source

ADNOC Drilling announced yesterday that it has signed a sale and purchase agreement to acquire two advanced offshore self-raising rigs.

The company stated, in a statement, that the new acquisition is based on the company's program to accelerate its fleet expansion efforts and its ambitious plan for growth and development, which is the fourth such transaction confirmed by the company over the past months, and comes on the heels of previous sale and purchase agreements signed by the company, respectively on May 30 to acquire Two excavators, and on June 10 to acquire one excavator, and on August 24 to acquire another excavator.

The total cost of the two new rigs is 514.22 million dirhams, and they will be added to the fleet of ADNOC Drilling rigs, and they will start operating by the end of 2022.

ADNOC Drilling CEO Abdul Rahman Al-Saiari said, "This acquisition comes as part of the company's continuous efforts to support its rapid growth and expansion strategy as a key enabler of ADNOC's plans to achieve its ambitious goal of increasing its production capacity of oil and gas."

He added, "The new acquisition will contribute to consolidating ADNOC Drilling's position as owning a fleet of self-raising marine rigs among the largest in the world, which will contribute significantly to enhancing its revenues, cash flows and shareholder returns over the coming years."

Since its listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has succeeded in accelerating the implementation of its ambitious program to expand its rig fleet, as the number of rigs owned by it on July 31, 2022 increased from 96 to 105 rigs.

With the acquisition of the two new rigs, the company will become the operator of a fleet of 32 self-raising marine rigs, among the largest in the world.

The company also plans to acquire more rigs.

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