Abu Dhabi National Oil Company (ADNOC) awarded $980 million contract to ADNOC Drilling to hire two jack-up offshore rigs and associated manpower and equipment. The contract will assist ADNOC in increasing its production capacity in order to meet the rising demand for reduced carbon intensity oil and gas on a global scale.
By rig fleet size, ADNOC Drilling is the largest national drilling business in the Middle East. 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. Under ADNOC’s In-Country Value (ICV) program, more than 80% of the award value will be reinvested in the UAE’s economy, supporting regional economic expansion and diversification.
Yaser Saeed Almazrouei, ADNOC Upstream Executive Director said: “This award for the hire of jack-up rigs supports our ongoing efforts to responsibly unlock our lower carbon intensity oil and gas resources, alongside our strategic international partners, and contribute to global energy security. ADNOC Drilling’s world-class capabilities continues to be a key enabler of these efforts. 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.”
This award brings the total value of awards from ADNOC Offshore to ADNOC Drilling in 2022 to $5.95 billion to maximize value from Abu Dhabi’s offshore oil and gas resources. In October, ADNOC Drilling was awarded a contract worth $1.52 billion for the provision of jack-up and island rigs and associated Integrated Drilling Services. This followed two awards in August worth $3.43 billion to hire eight jack-up rigs.