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ADNOC Drilling Company (ADNOC Drilling) announced on Wednesday that it has signed a sale and purchase agreement (SPA) to acquire an additional premium offshore jack-up drilling unit for $70 million as part of its rig expansion programme.
The cost of the acquisition is part of ADNOC Drillings three-year capex plan to expand its existing business, the company said in a stock exchange statement.
The SPA is the third signed by the ADX-listed company in recent months, with an agreement for two rigs signed on 30 May, and another for one unit signed on 10 June.
All four rigs are expected to join the Company’s fleet by year-end, bringing ADNOC Drilling’s total offshore jack-up fleet to 28 operational units, one of the largest operating fleets in the world, the statement noted.
In the first half of 2022, the Company delivered revenue of $1.27 billion, a 13 percent increase year-on-year, with $379 million in net income.
(Writing by Anoop Menon; Editing by Seban Scaria)
