Adnoc Drilling lands $2bn deals to boost offshore operations
ABU DHABI, June 25, 2023
Adnoc Drilling Company has secured contracts worth nearly $2 billion covering operations across five fields in the Abu Dhabi National Oil Company’s offshore portfolio.
This aligns with the listed company’s objectives to back the offshore’s growing drilling operations of Adnoc.
The contracts supporting drilling operations across five fields in Adnoc’s offshore portfolio are for the charter of high-specification, premium jack-up rigs along with all required manpower and equipment.
It followed long-term contracts worth $11.50 billion that were announced at the beginning of 2022.
According to the Adnoc unit, the rigs will begin activity progressively from the year-end with significant revenue expected in 2024 and the first full-year revenue contribution from 2025.
The revenue associated with these contracts is included in its full-year 2023 and medium-term guidance, it added.
