Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, has signed an agreement to acquire three offshore jack-up drilling rigs for $320 million as it expands and helps parent company Adnoc to increase its crude oil production capacity.
The cost of the acquisition is part of the company’s three-year guidance on capital expenditure and its plans to expand its businesses, Adnoc Drilling said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
“We continue to execute our bold growth strategy as a key enabler of Adnoc’s ambitious production capacity targets,” Abdulrahman Al Seiari, chief executive of Adnoc Drilling, said.
Adnoc Drilling, which is majority owned by Adnoc, owns 108 rigs as of the end of September.
The company was listed on the ADX in October last year and has rapidly expanded operations in recent months.
“The latest acquisition of these premium rigs will be central to our success, and cement our position as one of the world’s largest jack-up rig fleet owners, as we strive to significantly boost revenues and shareholder returns over the coming years,” said Mr Al Seiari
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