ADNOC Drilling Co. PJSC has purchased two new jack-up rigs that will be commissioned in the fourth quarter expanding its existing fleet of over 100 owned rigs.
The $220 million Gusto MSC CJ46 drilling units will be delivered in Abu Dhabi waters, with initial revenue expected next year, Abu Dhabi National Oil Co subsidiary said on Tuesday. (ADNOC) in a press release.
“The acquisition of these premium jack-up rigs will support one of our major customers, ADNOC Offshore, with their drilling and completion services requirements by providing accelerated production capability,” said the executive director of ADNOC drilling, Abdulrahman Abdulla Al-Seiari, in the announcement. .
“These rigs further cement our position as one of the largest owners and supporters of offshore jack-up rig fleets in the world. [sic] our plan to grow our global fleet to 142 owned teams by 2024.”
ADNOC Drilling’s fleet had 115 owned rigs in March, up from 95 when it listed on the Abu Dhabi Stock Exchange in October 2021, it said in the media release.
“The acquisition is part of ADNOC Drilling’s fleet expansion and growth strategy, which is a key enabler of the accelerated growth of ADNOC’s production capacity to meet increasing global energy demand” , the announcement said.
ADNOC Drilling previously announced a $75 million deal to buy six new-build hybrid engine land rigs from Dubai-based Honghua Golden Coast Equipment FZE. The Fast Desert Moving 750 HP drilling units will be delivered sequentially starting in the second quarter of 2024, and all are expected to contribute to revenue in 2025, according to ADNOC Drilling’s May 24 announcement.
“With this new award, and following an announcement in March detailing an agreement for 10 newbuild hybrid power rigs, ADNOC Drilling has ordered a total of 16 newbuild hybrid land rigs since the year “, the May 24 statement said.
ADNOC Drilling raked in $219 million in net earnings from January to March 2023, up 25 percent from the corresponding quarter in 2022 but up six percent from the previous three-month period.
“Revenue was significantly higher than the prior year, as a result of the entry of eight new onshore rigs into the operating fleet in the second half of 2022,” said its earnings report for the May 11
ADNOC Drilling in this report maintained a forecast net profit of $0.85 billion-$1 billion for 2023, with expected capital expenditure of $1.3 billion-$1.75 billion.
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