ADNOC’s drilling subsidiary ADNOC Drilling has secured a $1.15bn contract from the group’s upstream subsidiary ADNOC Offshore for two jack-up rigs, to be utilised over a 15-year period.
The contract aligns with existing agreements and is designed to support ADNOC Offshore’s expanding operations, generating consistent revenue and returns.
The company is among the largest offshore fleet owner globally with 47 rigs. ADNOC Drilling said that its extensive fleet allows the firm to respond swiftly to increasing demands while ensuring operational safety and reliability.
The new-generation jack-up rigs have been prepared at the Lamprell shipyard in Sharjah. This preparation is said to be part of ADNOC Drilling’s commitment to delivering quality solutions, enhancing in-country value, and contributing to the UAE’s economic growth through local partnerships and innovation.
Incorporating advanced digitalisation, real-time analytics, and artificial intelligence (AI), the rigs are expected to enhance safety and efficiency across the fleet. This technological integration aims to maximise asset value and operational uptime as part of the company’s strategy.
ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said: “This new contract is a clear vote of confidence in ADNOC Drilling’s technical leadership, operational excellence and long-term value creation.
“By integrating AI, automation and digitalisation capabilities, the two new jack-up rigs, our newest and most advanced jack-up rigs, will ensure superior efficiency and performance for our client ADNOC Offshore.
“With this contract securing operations until 2040 and beyond, and providing strong, resilient and predictable returns, we are not only reinforcing our role in achieving ADNOC’s production capacity milestones but also driving sustainable long-term growth for our shareholders.”
Operations for the new rigs are anticipated to commence in late Q2 2025, impacting revenue positively in the latter half of that year. The contract supports ADNOC Drilling’s 2025 projections and medium-term strategies.
This latest award marks ADNOC Drilling’s third major contract in just over a month, bringing recent total awards to $3.6bn and further bolstering the company’s long-term revenue outlook. The advanced rig technology is expected to drive efficiencies in operations.
Earlier announcements included a contract for three island rigs valued at approximately $806m, aimed at supporting operations at the Zakum development project. These new rigs will operate on ADNOC’s existing and newly developed artificial islands for drilling activities.
