ADNOC Drilling announced on Wednesday it has signed an agreement to acquire two premium high-specification Gusto MSC CJ46-X100-D design offshore jack-up drilling units.
The rigs have a combined cost of $200 million. The latest rig purchase adds to earlier deals for a total of nine rigs signed in 2022 and four rigs acquired in 2021.
The acquisition is part of the company’s fleet expansion and growth strategy to enable ADNOC’s accelerated oil production capacity target of 5 million barrels per day by 2027.
The company has almost doubled its offshore jack-up rig fleet to 32 since early 2021, with further significant expansion expected in 2023 and beyond.
Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, said the latest acquisition of premium jack-up rigs will be an important step in the execution of the company’s strategy to rapidly grow its business, boost revenues and increase shareholder returns.
“It will also cement our position as one of the world’s largest jack-up rig fleet owners,” he said.
“Our objective is to be operating a total fleet of at least 122 owned rigs by 2024, and at our fleet’s current, accelerated rate of growth we will easily surpass that milestone. Our rig acquisitions will deliver exceptional revenue growth with strong profitability margins,” Al Seiari said.
With the addition of the latest two high-specification rigs, the company will operate one of the largest offshore jack-up fleets in the world.
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