Adnoc Drilling Company has awarded five contracts, worth $2bn in total, for five high-specification offshore jack-up rigs to support Adnoc’s increasing offshore drilling operations.
The ten-year contracts, which have been awarded to undisclosed companies, will support drilling operations at Adnoc’s five offshore fields.
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In a press statement, Adnoc Drilling said: “The contractual conditions, particularly the duration, were agreed with the client in light of the strength of the offshore jack-up market with higher day rates.”
Under the contracts, Adnoc Drilling will charter five high-specification, premium jack-up rigs, as well as required equipment and manpower.
These rigs, namely Salamah1, Al Saadiyat, Al Sila, Ramhan and Yas, will feature a battery energy storage system to reduce emissions and increase efficiency.
Adnoc Drilling said the hybrid power technology system is designed to store energy in its batteries for use when continuous power is needed, or to provide instant extra power in the event of increased demand.
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By GlobalDataAdnoc plans to commission the rigs progressively from the end of this year.
Adnoc Drilling CEO Abdulrahman Abdulla Al Seiari said: “Long-term contracts like these are the backbone of our business model, providing clear line of sight on future earnings.
“As we continue to grow our fleet, our shareholders will benefit from the opportunity to be directly invested in Adnoc’s accelerated production capacity growth, which is driving faster revenue growth and progressive, long-term shareholder returns while responding to the world’s rising energy demand.”
Adnoc Drilling noted that the rigs have been acquired as part of its rig fleet expansion programme, which will support Adnoc’s efforts to boost production capacity to meet the surging global energy demand.
The new rigs will also contribute to the company’s decarbonisation strategy as well as support Adnoc’s aim to reduce 25% of greenhouse gas intensity by the end of this decade.
