The largest national drilling company in the Middle East, ADNOC Drilling, has officially announced the successful award of five more ten-year contracts worth approximately $2 billion. These contracts are specifically aimed at supporting ADNOC Offshore’s expanding drilling operations.
The contracts provide for the delivery of five premium jack-up drilling rigs (jack-up rigs) designed to high specifications, in addition to the necessary workforce and equipment to support drilling activities at five fields in the ADNOC offshore portfolio.
The drilling rigs are planned to come online gradually starting in late 2023, with significant revenue expected in 2024. The first full year revenue is projected to be generated in 2025.
As part of its rapid rig expansion program, ADNOC Drilling Company has acquired five rigs, namely SALAMAH, AL SAADIYAT, AL SILA, RAMHAN and YAS.
A new feature on each of these five rigs is the inclusion of a battery-powered energy storage system that serves to increase efficiency and reduce emissions. This hybrid power technology allows energy to be stored in the rig’s batteries. The stored energy can be used during periods when a continuous supply of electricity is required or when there is a sudden surge in demand, allowing immediate additional supply of electricity.
These rigs are playing an important role in supporting ADNOC’s ambitious goal of reducing greenhouse gas emission intensity by 25% by 2030, in line with the UAE’s Net Zero strategic initiative by 2050.
Since the beginning of 2022, ADNOC Drilling has already announced long-term contracts worth more than $11.5 billion.
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