The company said the new rig order was a “direct response” to Adnoc’s production targets. It aims to reach 5 million barrels per day of capacity by 2027, in addition to achieving gas self sufficiency for the United Arab Emirates.
Increasing EBITDA and reducing leverage “could enable a global refinancing of the company in 2024”, Schorn said. This “should ultimately accommodate dividend payments to shareholders".
KCA Deutag has secured the crucial Middle Eastern part of its acquisition of Saipem's onshore drilling rigs, with Romania, Kazakhstan and Latin America still to go.
Adnoc has awarded a pre-construction award for offshore facilities on the Hail and Ghasha project to a group including National Petroleum Construction Co. (NPCC).
Borr Drilling has signed contracts for two of its jack-up rigs, in the Middle East and Southeast Asia.
AD Ports Group has agreed to launch a joint venture with Kazakhstan’s national oil company to provide shipping services in the Caspian Sea.
KCA Deutag President Land Simon Drew said the contract extensions are “a key part of our strategy to grow our business in key markets such as the Middle East”.
Adnoc Drilling has bought another two jack-ups for $200 million, as it continues its expansion programme.
TotalEnergies aims to drill “as soon as possible” in Lebanon’s Block 9, in 2023, following talks with the Lebanese government.
Adnoc Drilling has bought three more jack-ups for $320 million as the company continues to expand to tap into Middle Eastern demand.
TotalEnergies and Eni have reached a deal with Israel allowing them to begin exploration in Lebanon’s Block 9.
Adnoc Drilling has reported its results for the first nine months of 2022, with net profit up 24% and EBITDA up 12%.
Keppel Offshore & Marine (O&M) has signed up to provide two more jack-up rigs to ADES Saudi, under a contract worth $155 million for the builder.
Adnoc has awarded three drilling fluids contracts, worth $4 billion, to Adnoc Drilling, SLB and Halliburton.
KCA Deutag has completed the acquisition of Saipem’s onshore drilling business in Saudi Arabia, the United Arab Emirates and Africa.
Energean has reached first gas from its Karish field, offshore Israel, with more wells coming online over the next month.
Weatherford has signed drilling contracts with Saudi Aramco and Petroleum Development Oman (PDO), for three years and five years respectively.
China Oilfield Services Ltd (COSL) has won a number of drilling contracts from one company in the Middle East worth 14 billion yuan ($1.92bn).
Adnoc Drilling has drilled a new world record for the longest well, at the Upper Zakum concession.
Abu Dhabi’s Al Seer Marine has struck a joint venture deal with Damen Shipyards and financier DTec Industries.
Shelf Drilling has signed a five-year contract for its recently acquired Shelf Drilling Victory in the Arabian Gulf.
Israel has approved “certain testing procedures” for Energean, allowing the company to begin tests as its Karish gas field.
Adnoc Offshore has awarded a $1.53 billion contract to the company’s Adnoc Drilling unit.
Energean’s Hermes exploration well has found 7-15 billion cubic metres of gas, encouraging the company on its other prospects and adding another well slot.
Arabian Drilling Co., a Saudi Arabian oilfield-services company partly owned by Schlumberger NV, took only hours to garner enough investor orders to fully cover an initial public offering that could raise as much as 2.67 billion riyals ($710 million).