ADNOC DRILLING BAGS OFFSHORE JACKUP CONTRACTS WORTH $2 BILLION
ADNOC Drilling Company confirmed the award of five 10-year contracts, totaling approximately $2 billion, in support of ADNOC Offshore’s growing drilling operations.
The contractual conditions, particularly the duration, were agreed with the client in light of the strength of the offshore jack-up market with higher day rates. The contracts supporting drilling operations across five fields in ADNOC’s offshore portfolio, are for the charter of five high-specification, premium jack-up rigs along with all required manpower and equipment.
The rigs will commence activity progressively from the end of 2023, with significant revenue expected in 2024 and first full-year revenue contribution from 2025. The revenue associated to these contracts is included in the Company’s full year 2023 and medium-term guidance.
(Source: ADNOC Drilling – ADNOC Drilling’s Alghallan jackup)