Adnoc Drilling secures $1.63bn contract
Adnoc Drilling has secured a $1.63 billion five-year contract for Integrated Drilling Services from Adnoc Offshore, solidifying its position as the leading provider of advanced, integrated energy services in the region and demonstrating its strategy to expand its fleet and service offerings.
Abdulrahman Abdulla Al Seiari, Adnoc Drilling CEO, said: 'We are immensely proud to secure this considerable award, which not only validates our strategic direction but also demonstrates the confidence Adnoc Offshore places in our capabilities. Our IDS offering delivers superior value and innovation, enabling us to play a pivotal role in reshaping the future of energy services in the region. This milestone underscores our commitment to operational excellence, and positions Adnoc Drilling as the partner of choice in an increasingly dynamic and complex energy landscape.
'This five-year award is a strong reflection of Adnoc Drilling's long-term contracting model, which provides revenue visibility and stability over the contract period. It aligns with our disciplined approach to building a resilient business foundation, capable of generating consistent cash flow and supporting sustainable shareholder returns through the cycle.'
The contract covers the provision of directional drilling, drilling fluids, cementing, wireline logging and tubular running services. The award incorporates advanced engineering and technical support for the effective delivery of extended reach and maximum reservoir wells offshore.
Tayba Al Hashemi, Adnoc Offshore CEO, said: 'Adnoc Drilling is a key enabler on our accelerated journey to responsibly meet the world's growing energy needs. This contract gives us access to their cutting-edge capabilities and market-leading end-to-end services, which will maximise efficiency and generate significant value for our shareholders and the UAE.' -TradeArabia News Service
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