ADNOC Drilling acquires pair of jackups

ADNOC Drilling has signed an agreement to acquire two premium high-specification Gusto MSC CJ46 design offshore jackups. The rigs will be delivered into Abu Dhabi waters and become operational during Q4 2023 with meaningful revenue contribution from 2024.

The combined rig acquisition cost is $220 million. With this acquisition, ADNOC Drilling will almost double its offshore jack-up rig fleet since early 2021, with further significant expansion expected from now until the end of 2024.

“The acquisition of these premium jackups will support one of our major customers, ADNOC Offshore, with its drilling and completion services requirements, as it delivers accelerated production capacity. It is the next step in the execution of our strategy to rapidly grow our business, significantly boost revenue and increase shareholder returns,” said Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO. “These rigs further cement our position as one of the world’s largest offshore jackup rig fleet owners and supports our plan to grow our overall fleet to 142 owned rigs by 2024.”