Adnoc Drilling has bought its fourth jack-up rig this year, bringing its total to 28, one of the largest such fleets in the world.
The Abu Dhabi-based company said it had paid $70 million for the premium jack-up. It did not reveal who it had bought the rig from. It expects all four of the jack-ups bought this year to be in service before 2023.
Adnoc Drilling struck deals on two rigs at the end of May and the third in June.
“The acquisition of this additional premium drilling unit is central to our bold growth strategy and the rig will support us in delivering on our commitments to shareholders,” Abdulrahman Abdullah Al Seiari, CEO of Adnoc Drilling, said.
The company has said that its rig acquisition programme is “central to its strategic plan” for growth. The aim is to boost revenues and shareholder returns.
“Over the past 50 years, ADNOC Drilling has grown in size, stature and capability. Our position today, as owner and operator of one of the largest offshore jack-up fleets in the world is testament to the expertise of our people and the visionary leadership of the UAE,” the CEO said.
Contracts in high places
Adnoc Drilling posted its results earlier in August. The company boosted its net profit 34% in the first half of the year, to $379 million, while revenue was up 13% at $1.27 billion. EBITDA was $580mn, up 16% year on year.
The company’s offshore unit posted revenue of $288mn for the first half, flat to the previous year. Revenue fell in the second quarter on a year on year basis, down 8%, because of activity and delays in replacing rented rigs.
In addition to the three jack-ups it bought in the first half, Adnoc Drilling also added five Helmerich & Payne FlexRigs.
Adnoc has awarded substantial contracts to Adnoc Drilling. At the end of July, it awarded a $2bn contract for the Ghasha offshore project. In early August, Adnoc confirmed another $3.4bn in contracts for eight premium jack-ups, to work on Adnoc Offshore plans.
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