ADNOC Drilling recorded $1.27 billion in H1-2022 revenues, and the latest rig additions will help Abu Dhabi company speed up growth. Image Credit: Supplied

Dubai: ADNOC’s drilling arm has bought an additional two premium offshore jack-up drilling units, as part of an ‘accelerated’ fleet expansion. This is the fourth such buy confirmed by ADNOC Drilling in recent months.

“The acquisition rigs consolidates our position as the owner of one of the largest operating jack-up fleets in the world and will significantly boost company revenues, cashflow and shareholder returns,” said Abdulrahman Abdullah Al Seiari, CEO.

The company will own one of the largest operating fleets of offshore jack-up rigs – totalling 32 - in the world. ADNOC Drilling recorded ‘resilient’ growth in its latest financials, combined with a ‘sustainable and progressive dividend’.

In the first-half of 2022, ADNOC Drilling delivered revenues of $1.27 billion, a 13 per cent increase year-on-year, with $379 million in net income, up from 34 per cent. The interim dividend per share increased 5 per cent to 7.83 fils per share, bringing the first payment of fiscal year 2022 to $341 million.

The two new rigs have a combined cost of $140 million and will join the fleet by year end.