Abu Dhabi – Mubasher: ADNOC Drilling Company has signed an agreement to purchase 10 newbuild hybrid power land drilling rigs at a combined value of $252 million, according to a press release.
The bulk acquisition aligns with the firm's decarbonisation strategy and updated guidance to boost the total fleet to 142 by the end of 2024.
Meanwhile, the recently-owned rigs will enter the company's operational fleet by the fourth quarter (Q4) of 2023.
The transaction backs the objectives of Abu Dhabi National Oil Company (ADNOC) to foster its accelerated production capacity target of 5 million barrels per day (bpd) by 2027 and achieve gas self-sufficiency in the UAE.
ADNOC also seeks to lower its greenhouse gas intensity by 25% before the end of 2030 and meet the UAE 2050 net-zero target.
In a bourse disclosure, the ADX-listed firm indicated that the acquisition deal will reflect on its income statements during the years 2023 and 2024, with the full annual contribution registered in 2025’s revenues and earnings.
Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, said: “These new rigs contribute to the capacity required to meet our customers’ expectations of maximum energy with minimal emissions.”
“As our growth trajectory accelerates and we continue to build our capacity and capabilities to drive shareholder returns, our commitment to the decarbonisation of our operations remains fundamental.’’
Last year, the net profits of ADNOC Drilling soared by 33% to $801.80 million from $603.91 million in 2021.
