ADNOC Drilling has signed a sale and purchase agreement (SPA) to acquire two premium jackups. The company said in a statement that the agreement keeps it “firmly on its growth trajectory as it enables ADNOC’s ambitious targets to deliver 5 million bpd production capacity and realize gas self-sufficiency for the UAE, while increasing potential for greater shareholder returns.”
“We are extremely pleased to have completed the acquisition of these two premium rigs, which will further bolster our position as a regional drilling leader and complement our already high quality offshore jackup fleet. This is another important step in our fast-paced expansion and growth program, ensuring we meet increasing demand as we enable ADNOC’s ambitious oil and gas production capacity growth as well as achieving gas self-sufficiency for the UAE,” said Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling.
The two new drilling units, being acquired from Well Target Five Limited and Well Target Six Limited, are Gusto MSC design, premium independent leg cantilever rigs. They will join the ADNOC Drilling fleet in Q3 2022.