Abu Dhabi – Mubasher: ADNOC Drilling Company has secured five contracts at an aggregated value of nearly $2 billion, according to a press release.
This aligns with the listed company’s objectives to back the offshore’s growing drilling operations of Abu Dhabi National Oil Company (ADNOC). The contracts anchor the drilling operations across five fields in ADNOC’s offshore portfolio.
Meanwhile, the rigs will commence activity progressively from the end of 2023, with significant revenue expected in 2024 and the first full-year revenue contribution from 2025. The revenue associated with these contracts is included in the company’s full-year 2023 and medium-term guidance.
It is worth noting that the five deals followed long-term contracts worth $11.50 billion that were announced at the beginning of 2022.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, said: “As we continue to grow our fleet, our shareholders will benefit from the opportunity to be directly invested in ADNOC’s accelerated production capacity growth, which is driving faster revenue growth and progressive, long-term shareholder returns while responding to the world’s rising energy demand.”
Earlier this month, the ADX-listed company penned a deal to purchase two premium offshore jack-up rigs at a total value of $220 million.
In the first quarter (Q1) of 2023, ADNOC Drilling generated $218.68 million in net profit, marking a 25% hike from $174.45 million in Q1-22.
