With a value of 5.87 billion dirhams ... "ADNOC Drilling" wins a contract for integrated drilling services
ADNOC Drilling announced that it was awarded a five-year Integrated Drilling Services contract worth 5.87 billion dirhams (US$1.6 billion) to provide drilling fluids and services to support ADNOC's efforts to increase its production capacity of low-cost and low-emissions oil and gas, and to respond to demand. The world's growing energy.
The scope of the contract, which will add 2.75 billion dirhams (US$750 million) to the value of the oilfield services revenue guidance, or the equivalent annually, covers an addition of 550.96 million dirhams (US$150 million) each of the ADNOC Group's onshore and offshore fields.
The contract obtained by ADNOC Drilling brings the total value of contracts awarded to it during 2022 to 32.50 billion dirhams (8.85 billion US dollars), including 4.22 billion dirhams (1.15 billion US dollars) in addition to the company's previously announced revenue guidance.
On this occasion, CEO of ADNOC Drilling, Abdul Rahman Abdullah Al-Saiari said: “The integrated drilling services business sector to provide drilling fluids and their services is a vital sector in which we support drilling operations to enable (ADNOC) to increase its production capacity and contribute to achieving self-sufficiency in gas for the UAE. ".
He added: "The award of this contract, as part of the long-term contract package that we obtained during 2022, confirms ADNOC Drilling's strategic importance as the exclusive provider of drilling services to the ADNOC Group, and its leading position in the oilfield services sector."
He continued: "The award of such contracts ensures the achievement of strong and sustainable growth for the UAE, and enables (ADNOC Drilling) to create greater value for shareholders, as the addition of 2.75 billion dirhams (US$750 million) to the value of the revenue guidance will ensure that the company continues its strong growth path." .
ADNOC Drilling, a leading company in the region, is committed to expanding its services in drilling and preparing wells to take advantage of market opportunities.
The company also plans to strengthen its efforts to double the revenues of oil field services by 2025, as the award of the IDS contract to provide drilling fluids and services, which it recently obtained, will contribute to supporting its efforts to achieve these goals.
It is noteworthy that ADNOC Drilling celebrated on October 3, 2022, the one-year anniversary of its listing on the Abu Dhabi Securities Exchange, which was known with the company as the largest initial public offering in the history of the stock exchange, with coverage exceeding 31 times the target value. As of September 30, 2022, the company was able to achieve Total return to shareholders of 53.7%.
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