ADNOC Drilling awarded $1.15bn, 15-year contract for advanced jack-up rigs
ADNOC Drilling has been awarded a US$1.15 billion, 15-year contract for two AI-powered and automated jack-up rigs by ADNOC Offshore, ensuring long-term revenue and attractive returns.
The contract will follow existing agreements, bringing accretive rates.
The new rigs represent the latest generation of jack-up rigs and were built at the Lamprell shipyard in Sharjah. This also drives In-Country Value and contributes to the UAE's economic development by fostering local partnerships and prioritising homegrown innovation.
The rigs will leverage advanced digitalisation, real-time data analytics and AI as ADNOC Drilling continues to deploy the technology throughout its fleet to improve safety, efficiency and maximise asset value and operational uptime.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, commented: 'This new contract is a clear vote of confidence in ADNOC Drilling's technical leadership, operational excellence and long-term value creation. By integrating artificial intelligence (AI), automation and digitalisation capabilities, the two new jack-up rigs, our newest and most advanced, will ensure superior efficiency and performance for our client ADNOC Offshore.
'With this contract securing operations until 2040 and beyond, and providing strong, resilient and predictable returns, we are not only reinforcing our role in achieving ADNOC's production capacity milestones but also driving sustainable long-term growth for our shareholders.'
Tayba Abdul Rahim Al Hashemi, Chief Executive Officer of ADNOC Offshore, added: 'In the past month, ADNOC Offshore has awarded long-term contracts worth approximately US$3.6 billion to ADNOC Drilling to safely accelerate our production capacity growth plans.
'ADNOC Drilling's advanced fleet of jack-up and island rigs, market leading integrated drilling services and cutting-edge technologies are critical enablers to deliver ADNOC's ambitious strategy. This partnership will help us to sustainably meet the world's growing energy demands.'
These long-term contracts demonstrate the resilience, stability and long-term visibility offered by ADNOC Drilling's business model. Multi-year engagements create a solid foundation for recurring revenue and earnings growth.
The rigs are expected to commence operations around the end of the second quarter of 2025 and deliver revenue from the second half of 2025 onwards. This will further derisk and reaffirm ADNOC Drilling's current 2025 and medium-term guidance.
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