Adnoc Drilling aims to have 142 owned rigs by 2024. Credit: Abu Dhabi National Oil Company.

Adnoc Drilling Company, a unit of Adnoc Group, has signed an agreement with an undisclosed company to acquire two offshore jack-up drilling rigs for $220m (Dh807.95m).

The two high-specification Gusto MSC CJ46 design offshore jack-up drilling rigs are due to become operational during the fourth quarter of 2023.

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The acquisition forms part of Adnoc Drilling’s fleet expansion and growth strategy to boost its production capacity and meet surging demand for lower-carbon intensity oil and gas.

With this latest deal, Adnoc Drilling’s offshore jack-up rig fleet will have almost doubled since early 2021. The company plans to further expand its rigs by the end of 2024.

Adnoc Drilling CEO Abdulrahman Abdulla Al Seiari said: “The acquisition of these premium jack-up rigs will support one of our major customers, Adnoc Offshore, with its drilling and completion services requirements, as it delivers accelerated production capacity.

“It is the next step in the execution of our strategy to rapidly grow our business, significantly boost revenue and increase shareholder returns.

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“These rigs further cement our position as one of the world’s largest offshore jack-up rig fleet owners and supports our plan to grow our overall fleet to 142 owned rigs by 2024.”

As of 31 March 2023, Adnoc Drilling expanded its fleet to 115 owned rigs from 95 since listing on the Abu Dhabi Securities Exchange in October 2021.

Earlier this year, Adnoc Drilling signed a $252m deal to purchase ten new-build hybrid power land drilling rigs featuring the Fast Desert Moving design.

The rigs, which will be capable of working in cluster wells, will be developed by China Petroleum Technology and Development Corporation in China.