Oil & Gas Middle East
3 ADNOC DRILLING
ADNOC Drilling – a subsidiary of state-owned ADNOC – is a new entry on our list due to its rapid and continued rig fleet expansion. Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 96 to 105 owned rigs as of 31 July 2022.
Earlier this year, ADNOC Drilling was awarded two contracts by ADNOC Offshore worth $3.4 billion by ADNOC Offshore to boost production capacity.
In September 2022, ADNOC drilling acquired two premium offshore jack-up rigs for $140 million to meet ADNOC’S plan to raise and sustain production capacity. With the addition of these two premium jack-up rigs, the company said it owns one of the largest operating fleets of offshore jack-up rigs in the world and has plans for further fleet growth.
In addition to fleet expansion, ADNOC Drilling announced that it secured contracts worth $2 billion to enable the delivery of ADNOC’S Ghasha offshore mega gas project. The company also entered a framework agreement with Helmerich & Payne to advance ADNOC Drilling’s land rig operational performance, as well as support its ambitious growth and expansion plans.
In October, ADNOC Drilling secured another $1.53 billion contract from its parent company ADNOC Offshore, which covers the provision of 12 jack-up rigs, two island rigs and the associated integrated drilling services.
[Editor’s note: ADNOC Drilling secures the majority of the project awards from its parent company ADNOC].