Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, has announced the purchase of a premium offshore jack-up drilling unit for $70 million as it expands and helps parent company Adnoc to boost its crude oil production capacity.
The cost of the acquisition is part of the company’s three-year guidance on capital expenditure and strategic plans to expand its existing business, Adnoc Drilling said in a statement on Wednesday.
“The acquisition of this additional premium drilling unit is central to our bold growth strategy and the rig will support us in delivering on our commitments to shareholders,” said Abdulrahman Al Seiari, chief executive of Adnoc Drilling.
The purchase marks the fourth premium offshore jack-up rig the company has bought in less than three months, having bought two on May 30 and another on June 10.
All four premium offshore drilling units are expected to join the company’s fleet by year-end, bringing Adnoc Drilling’s total offshore jack-up fleet to 28 operational units, one of the largest operating fleets in the world.
“Over the past 50 years, Adnoc Drilling has grown in size, stature and capability." Mr Al Seiari said.
After its initial public offering in last October, Adnoc Drilling has demonstrated strong growth.
In the first half of 2022, the company reported a revenue of $1.27 billion, a 13 per cent annual increase, with $379m in net income — a 34 per cent jump.
Adnoc Drilling plays a vital role in Abu Dhabi state oil company Adnoc's efforts to boost its hydrocarbon production capacity.
The company was this month awarded two contracts worth more than $3.4bn to its drilling unit. Valued at $1.5bn and $1.9bn, respectively, they were awarded by Adnoc Offshore.
The company was last month awarded two contracts worth $2bn linked to Adnoc's Hail and Ghasha development project.
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Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
