ADNOC Drilling said its two new jack-up rigs have arrived in the UAE, and will start operating by Q1.
This takes the fleet size to 142 rigs, making the company among the largest rig fleet owners in the world. The new rigs top off a superlative year for ADNOC Drilling.
In an analyst note, JP Morgan said, “Since its IPO, ADNOC Drilling has behaved as a high-quality, defensive business and has consistently met and exceeded guidance and expectations. The outstanding performance also reflects positive advancements with the company’s two joint ventures.”
This year, Enersol acquired four oilfield services technology companies, and Turnwell delivered a record initial well delivery time as it accelerates the development of the UAE’s unconventional energy reserves.
There is plenty more expected to come from ADNOC Drilling in 2025 – after raising their guidance with third-quarter results for the second time this year.
The company is anticipated to be heading into their strongest quarter ever in Q4, off the back of its positive indication of growing around at least mid-single digit sequentially as it continues to ramp-up its operations.
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