Abu Dhabi, Nov. 21 (BNA): ADNOC Drilling announced today that it has signed an agreement to purchase three additional high-specification offshore drilling units (the “rigs”).
The Emirates News Agency (WAM) stated that the acquisition cost is part of the company’s three-year guidance on capital expenditures and the company’s strategic growth plans.
The acquisition supports the company’s accelerated fleet expansion and aggressive growth strategy. The previous sales and purchase agreements were signed on May 30 (for two devices), June 10 (one platform) and August 24 (one platform). The three newest rigs combined cost $320 million (AED 1.17 billion) and are high specification high quality crane rigs.
Abdul Rahman Abdullah Al Sayari, CEO of ADNOC Drilling, commented: “We continue to implement our aggressive growth strategy as a key enabler of ADNOC’s ambitious production capacity targets. The recent acquisition of these outstanding rigs will be fundamental to our success and cement our position as one of the largest fleet owners of crane rigs in the country. world, as we strive to significantly increase revenues and shareholder returns over the coming years.”
With the company’s new rigs gradually entering the fleet, ADNOC Drilling expects further support for its financial and operational performance for the benefit of its customers, shareholders and the UAE.
Since its listing on the Abu Dhabi Stock Exchange in October 2021, ADNOC Drilling has rapidly expanded its fleet from 95 to 108 owned drilling rigs, as of September 30. With the addition of its latest three high-spec rigs, the company will operate one of the largest fleets of offshore cranes in the world, with 30 rigs, and plans further growth in the short term.
ADNOC Drilling continues to demonstrate strong and resilient growth along with a sustainable and progressive dividend policy. In the nine months ended September 30, 2022, the Company generated $1.94 billion in revenue, an increase of 15% year-over-year, with $568 million in net profit – an increase of 24%.
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