Dubai: Abu Dhabi's ADNOC has awarded a Dh3.6 billion contract to its drilling company to hire two jack-up offshore rigs and associated manpower and equipment. The contract, awarded by ADNOC Offshore, is part of ADNOC’s production capacity expansion project as it 'responds to the growing global demand for lower carbon intensity oil and gas'.
ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size. As has been the case with most ADNOC contracts, 80 per cent of the award value will get back into the UAE’s economy under the 'In-Country Value' (ICV) program.
Yaser Saeed Almazrouei, the ADNOC Upstream Executive Director, said: “This award for the hire of jack-up rigs supports our ongoing efforts to responsibly unlock our lower carbon intensity oil and gas resources, alongside our strategic international partners, and contribute to global energy security.
This contract brings the total value of wins from ADNOC Offshore to ADNOC Drilling so far this year to Dh21.84 billion. Just this month, ADNOC Drilling was awarded a Dh5.58 billion project for the provision of jack-up and island rigs and associated Integrated Drilling Services. This followed two awards in August worth Dh12.59 billion to hire eight jack-up rigs.
“Contracts like this help ensure we continuously deliver strong and sustained growth while further driving shareholder value," said Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling. "Our ambitious rig fleet expansion program, to which we have made a significant capex commitment, is making the delivery of such contracts possible."