Skip to content Skip to Search
Skip navigation

ADNOC awards $1.5bn contract to expand offshore operations

Landscape, Outdoors, Nature WAM
ADNOC Drilling's listing in October 2021 was the largest in the history of the Abu Dhabi exchange and was 31 times oversubscribed

Abu Dhabi National Oil Company (ADNOC) has awarded a contract worth AED5.62 billion ($1.53 billion) to ADNOC Drilling, according to WAM, the UAE’s state-owned news agency

The two-year contract covers the provision of 12 jack-up rigs and two island rigs, as well as associated integrated drilling services.

Over 80 percent of the award value will flow back into the UAE’s economy under ADNOC’s in-country value programme, supporting local economic growth and diversification.

The contract will support the expansion of ADNOC’s crude oil production capacity to 5 million barrels per day by 2030 and gas self-sufficiency for the country. 

Since ADNOC Drilling launched its integrated drilling services offering in 2018, the company has enabled more than AED917.5 million in savings for its customers, the statement said.

Latest articles

Payments processed from international visitors rose 55%

Network International profit shrinks while revenue grows

High interest rates and currency devaluations dented profit at Middle East payments provider Network International last year, despite revenue rising by 13 percent. The company posted net profit of $67 million for 2023, a drop of 16 percent year on year. The primary impact on profit for the year came from increased financing costs as […]

Saudi Arabia's minister of human resources Ahmad bin Sulaiman Al-Rajhi. The sector is the latest to be targeted in the kingdom's Saudisation drive

Saudi Arabia steps up Saudisation job drive

Saudi Arabia’s government said this week that jobs in human resources (HR) in the kingdom are now restricted to Saudi nationals only. It is another step in the country’s plan to localise skilled jobs and reduce unemployment.  The ministry of human resources made the statement on social media site X, formerly Twitter, in response to […]

Drake & Scull's projects include Louvre Abu Dhabi. Its revenues grew AED13 million in 2023

Auditors raise concerns over Drake & Scull as losses mount

Auditors reviewing the finances of Drake & Scull International have issued a heavily qualified disclaimer in which they appear to distance themselves from the UAE construction contractor. A filing on Dubai Financial Market for Drake & Scull revealed revenues of AED94 million ($26 million) for the year to December 31 2023, up from AED81 million […]

Bahrain titanium

Bahrain enters $27bn titanium market

A $200 million manufacturing plant is planned in Bahrain to produce titanium products as part of the kingdom’s ambitions to expand its industrial sector. Edamah, the real estate arm of the sovereign wealth fund Mumtalakat, has signed a 25-year lease agreement with Bahrain Titanium, a subsidiary of the Swiss company Interlink Metals & Chemicals, for […]