Abu Dhabi – Mubasher: ADNOC Drilling Company has reached a sale and purchase agreement (SPA) to acquire two additional premium offshore jack-up drilling units.
This transaction is in line with the company’s enterprising expansion strategy and three-year guidance on capital expenditure, according to a press release on Monday.
To enter the company's fleet in the third quarter (Q3) of 2022, the two new drilling units were acquired from Well Target Five Limited and Well Target Six Limited.
ADNOC Drilling’s expansion plans will enable ADNOC to achieve its targets to reach 5 million barrels per day (bpd) production capacity and ensure gas self-sufficiency for the UAE.
The CEO of ADNOC Drilling, Abdulrahman Abdullah Al Seiari, commented: "The new drilling units will join the ADNOC Drilling fleet and start operations in the third quarter 2022, enabling considerable revenue for ADNOC Drilling to the benefit of our investors and the United Arab Emirates."
It is noteworthy to mention that in the first quarter (Q1) of 2022, ADNOC Drilling reported a 59% year-on-year (YoY) increase in net profits to $175 million from $110 million.
