Latest news with #AdnocDrilling
Trade Arabia
2 days ago
- Business
- Trade Arabia
Adnoc Gas joins MSCI Emerging Market Index
Adnoc Gas will be the largest addition to the Index by market capitalisation and joins Adnoc Distribution and Adnoc Drilling which were added to the benchmark in 2021 and 2024, respectively. The company's inclusion follows its successful $2.84 billion marketed offering of 3.1 billion shares in February, which increased the number of shares available to the public by 80% and helped the stock successfully meet key eligibility criteria for entry into the Index. This marks a significant milestone in the Adnoc Gas's ongoing efforts to enhance its global investment profile, attract a broader and more diversified investor base and improve liquidity of its shares. Through their inclusion in the MSCI Index, the three Adnoc Group companies collectively raise both Adnoc's and the Abu Dhabi Securities Exchange's (ADX) global investment profile, while enhancing liquidity in the UAE market and further cementing the UAE's position as an attractive destination for foreign investment. As with Adnoc Distribution and Adnoc Drilling's addition to the Index, Adnoc Gas experienced a surge in trading on the final day before its index inclusion, attracting $469 million in capital inflows. The inclusion of Adnoc Gas in the Index also marks another milestone in Adnoc's efforts to foster growth of the UAE's capital market, which began in 2017 with the public listing of Adnoc Distribution on the ADX. Since then, Adnoc has brought another five of its subsidiaries to the public market, with a current combined market cap of around $140 billion.
Trade Arabia
7 days ago
- Business
- Trade Arabia
Adnoc Drilling to buy 70% stake in SLB Kuwait, Oman rigs unit
Adnoc Drilling Company announced today that it has signed an agreement to acquire a 70% stake in SLB's land drilling rigs business in Kuwait and Oman, comprising eight fully operational land rigs under contract with the respective national oil companies (NOCs) of both countries. Abdulrahman Abdulla Al Seiari, Adnoc Drilling CEO, said: 'This acquisition is a natural next step in Adnoc Drilling's growth journey and reinforces our position as one of the leading companies in drilling and integrated services. Our partnership with SLB will provide Adnoc Drilling with a solid operational and financial platform to further expand in the region. This business is well-established, profitable and operating with long-term contracts, making this a highly complementary and value-accretive addition to our portfolio. Our focus is on disciplined expansion that drives performance, returns and growth.' Through this partnership, Adnoc Drilling will gain immediate access to earnings, cashflow and returns through two operating land drilling rigs in Kuwait and six in Oman, accelerating its expansion into key GCC geographies. This acquisition will enhance the company's ability to deploy cutting-edge technologies, integrated drilling services, digital solutions and AI-driven efficiencies – optimising performance, reducing environmental impact and driving value for customers across the region. Jesus Lamas, President, Middle East and North Africa, SLB, said: 'This partnership reflects the strong collaboration between SLB and Adnoc Drilling, and our shared commitment to driving value through collaboration across the region. We are confident that, working together with Adnoc Drilling, the business will continue to grow and deliver outstanding performance for our customers. We look forward to expanding our broader strategic partnerships with key regional leaders across the energy value chain, in line with SLB's focused regional growth strategy.' The formation of the joint venture (JV) and the acquisition of a 70% stake, along with the completion of this transaction are subject to necessary and customary regulatory approvals, expected in Q1 2026. Upon closing, and subject to final assessment by the company's auditor, Adnoc Drilling expects to fully consolidate the newly acquired business in its financial reporting from 2026. - TradeArabia News Service
The National
7 days ago
- Business
- The National
Adnoc Drilling signs SLB deal to expand into Kuwait and Oman
Adnoc Drilling, the Middle East's largest drilling company, has signed a joint venture agreement with global oilfield services company SLB for its land drilling rigs business in Kuwait and Oman, as the Abu Dhabi company seeks to expand beyond the UAE. The Abu Dhabi company will acquire a 70 per cent stake in the joint venture, it said on Thursday. The agreement includes eight fully operational land rigs (two in Kuwait and six in Oman) under contract with the respective national oil companies of both countries, Adnoc Drilling said. 'Our partnership with SLB will provide Adnoc Drilling with a solid operational and financial platform to further expand in the region,' Abdulrahman Al Seiari, chief executive of Adnoc Drilling, said. 'This business is well-established, profitable and operating with long-term contracts, making this a highly complementary and value-accretive addition to our portfolio.' The latest joint venture is in line with Adnoc Drilling's aim to boost its partnerships and acquisitions in 2025. The company's profit rose by nearly a quarter to $341 million in the first three months of the year due to growth in its rig fleet and expansion in new markets. The Adnoc unit is looking for 'potential joint ventures' and partnerships that 'go beyond' Abu Dhabi, Mr Al Seiari told The National earlier this month. 'We are looking at other potential joint ventures … those are on the table [and] we are studying them,' he said at the time. Last year, the company teamed up with Alpha Dhabi Holding, a unit of Abu Dhabi's International Holding Company, to launch Enersol, a tech-focused venture. It aims to invest $1.5 billion in technology-driven companies in the oilfield services sector by the end of 2025. Enersol has already acquired four companies and has spent $800 million out of the $1.5 billion capital expenditure set aside for the end of 2025. Through the new partnership with SLB, Adnoc Drilling said it will gain immediate access to earnings, cash flow and returns through the operating land drilling rigs in Kuwait and Oman, accelerating its expansion into key Gulf geographies. Jesus Lamas, president of Middle East and North Africa at SLB, said the company looks forward to expanding its 'broader strategic partnerships with key regional leaders across the energy value chain'. The formation of the joint venture and the acquisition of the 70 per cent stake, along with the completion of the transaction, are subject to regulatory approvals, likely in the first quarter of 2026, the company said. Adnoc Drilling expects to fully consolidate the newly acquired business in its financial reporting from 2026, it said. The Abu Dhabi company is the largest integrated drilling services company in the Middle East by fleet size. It owned 142 rigs – 95 onshore and 47 offshore – by the end of last year, with three new island rigs on order for 2026. The company expects that to grow to at least 148 rigs by the end of 2026 and 151 by the end of 2028.
Khaleej Times
27-05-2025
- Business
- Khaleej Times
Adnoc Drilling secures $1.15 billion, 15-year contract for two jack-up rigs
Adnoc Drilling Company on Tuesday announced the award of a $1.15 billion, 15-year contract for two jack-up rigs by Adnoc Offshore in support of its growing offshore operations. The contract will follow existing agreements, bringing accretive rates that generate long-term revenue and attractive returns. The new rigs represent the latest generation of jack-up rigs and have been prepared for operations at the Lamprell shipyard in Sharjah. The move drives In-Country Value and contribute to the UAE's economic development by fostering local partnerships and prioritising homegrown innovation. The rigs are expected to commence operations around the end of the second quarter of 2025, delivering revenue in the second half of 2025 onwards. This award further derisks and reaffirms Adnoc Drilling's current 2025 and medium-term guidance. With 47 offshore rigs, one of the largest operational offshore fleets in the world, Adnoc Drilling is uniquely positioned to support the UAE's long-term energy strategy. Abdulrahman Abdulla Al Seiari, Adnoc Drilling CEO, said: '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 jack-up rigs, 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, said: 'In the past month, Adnoc Offshore has awarded long-term contracts worth c. $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 and maximise value for shareholders for decades to come.'
The National
27-05-2025
- Business
- The National
Adnoc Drilling secures $1.15bn offshore contract for AI-integrated jack-up rigs
Adnoc Drilling, the Middle East's largest drilling company, has awarded a $1.15 billion contract for two jack-up rigs to Adnoc Offshore as the company continues to expand its fleet. The 15-year contract is the third major one in just over a month, bringing total awards to $3.6 billion, Adnoc Drilling said on Tuesday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded. The contract will follow existing agreements, bringing accretive rates that generate long-term revenue and attractive returns, the company said. The rigs are expected to commence operations around the end of the second quarter of this year and will be equipped with artificial intelligence and digitalisation capabilities, helping the company drive operational efficiencies. These rigs have been prepared for operations at the Lamprell shipyard in Sharjah. The company said this award further de-risks and reaffirms its 2025 and medium-term guidance. 'By integrating AI, automation and digitalisation capabilities, the two new jack-up rigs … will ensure superior efficiency and performance for our client Adnoc Offshore,' said Abdulrahman Al Seiari, Adnoc Drilling chief executive. '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.' The latest contract is in line with Adnoc Drilling's aim to boost its partnerships and acquisitions in 2025, further to its profit having grown by nearly a quarter to $341 million in the first three months of the year, on the back of growth in its rig fleet and expansion in new markets. The Adnoc unit is looking for 'potential joint ventures' and partnerships that 'go beyond' Abu Dhabi, Mr Al Seiari told The National earlier this month. Adnoc Drilling is the largest integrated drilling services company in the Middle East by fleet size. It owned 142 rigs – 95 onshore and 47 offshore – by the end of last year, with three new island rigs on order for 2026. The company expects that to grow to at least 148 rigs by the end of 2026 and 151 by the end of 2028. In April, Adnoc Drilling was awarded a five-year, $1.63 billion contract for integrated drilling services by Adnoc Offshore, which is expected to support its fleet use, diversify revenue streams and accelerate sustainable and long-term growth and returns. Adnoc Drilling is also seeking contracts for drilling and oilfield services in Kuwait and Oman. Last year, the company teamed up with Alpha Dhabi Holding to launch Enersol, a tech-focused venture. It aims to invest $1.5 billion in technology-driven companies in the oilfield services sector by the end of 2025. Its joint venture with Alpha Dhabi, Enersol, has already acquired four companies and has spent $800 million out of a $1.5 billion capital expenditure earmarked through the end of 2025. The scale of the Adnoc Drilling's offshore fleet ensures reliability and flexibility, enabling the rapid deployment of rigs to meet growing demand while maintaining operational excellence and safety, the company said. '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 and maximise value for shareholders for decades to come,' said Tayba Al Hashemi, chief executive of Adnoc Offshore.
