ADNOC Drilling Co. has been awarded a $1.15 billion, 15-year contract for two jackup rigs by ADNOC Offshore.
The contract will follow existing agreements, bringing accretive rates that generate long-term revenue and attractive returns, the company said in a May 27 news release.
ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said: “By integrating artificial intelligence (AI), automation and digitalization capabilities, the two new jackup rigs, our newest and most advanced jackup rigs, will ensure superior efficiency and performance for our client ADNOC Offshore."
ADNOC Drilling has 47 offshore rigs, which it says is one of the largest operational offshore fleets in the world. The two new rigs represent the latest generation of jackup rigs and have been prepared for operations at the Lamprell shipyard in Sharjah. ADNOC Drilling says the rigs will leverage advanced digitalization, real-time data analytics and AI as the company continues to deploy the technology throughout its fleet.
The rigs are expected to begin operations around the end of second-quarter 2025, delivering revenue in the second half of 2025 onward. The company says this award further derisks and reaffirms ADNOC Drilling’s current 2025 and medium-term guidance.
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