Contract to hire two jack-up offshore rigs and equipment
Abu Dhabi National Oil Company (ADNOC) recently announced the award of a contract worth US$ 980mn (AED 3.6bn) to ADNOC Drilling to hire two jack-up offshore rigs and associated manpower and equipment.
The contract, awarded by ADNOC Offshore, will support the expansion of ADNOC’s production capacity 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 and this award will leverage the company’s world-class expertise and state-of-the-art rig fleet to further unlock the UAE’s offshore energy resources.
Over 80% of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) programme, supporting local economic growth and diversification.
“This award for the hire of jack-up rigs supports our ongoing efforts to responsibly unlock our lower carbon intensity oil and gas resources. Importantly, this award will also deliver significant in-country value to drive economic growth and diversification, in line with the UAE leadership’s wise directives,” remarked Yaser Saeed Almazrouei, ADNOC Upstream Executive Director.
This award brings the total value of awards from ADNOC Offshore to ADNOC Drilling in 2022 to US$ 5.95bn (AED 21.84bn) to maximize value from Abu Dhabi’s offshore oil and gas resources.
ADNOC Offshore is supporting ADNOC’s drive to expand production capacity to five million barrels per day (mbpd) by 2030 and enable gas self-sufficiency for the UAE, and ADNOC Drilling is a critical to delivering on these strategic objectives.