UAE-based Adnoc Drilling has landed a $1.15bn jackup rig contract from state-owned Abu Dhabi National Oil Company (ADNOC).
The deal will see the ADX-listed largest national drilling company in the Middle East by rig fleet size provide two rigs to ADNOC Offshore for 15 years.
The contract is part of ADNOC Offshore’s ongoing efforts to expand its operations and follows existing agreements between the companies. In the past month, ADNOC Offshore has awarded long-term contracts worth around $3.6bn to Adnoc Drilling.
Adnoc Drilling said the terms offer attractive, accretive rates expected to drive long-term revenue and strong returns, adding that these long-term contracts are a “clear demonstration of the resilience, stability and long-term visibility” offered by its business model.
The new rigs represent the latest generation of jackups that have been prepared for operations at the Lamprell shipyard in Sharjah. The operations are set to start around the end of the second quarter.
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