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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.