Adnoc Offshore has awarded Adnoc Drilling a USD 1.6 bn five-year contract for integrated drilling services (IDS), according to an ADX statement (pdf). Adnoc’s drilling unit will deliver extended reach and maximum offshore reservoir wells, covering directional drilling, drilling fluids, cementing, wireline logging and tubular running services.

REMEMBER- Adnoc Drilling is set to allocate between USD 350 mn and USD 550 mn of the USD 1 bn it earmarked for investments this year to add rigs and oil field service equipment in the UAE as it works towards its goal of reaching 151 rigs by 2028. The Adnoc arm aims to raise USD 1 bn as it looks to refinance debt and fund expansion, with USD 750 mn of this going towards acquisitions through its JV Enersol. The JV acquired stakes in four firms last year, including in NTS Amega, Gordon Technologies, Deep Well Services, and EV Holdings.

Regional expansion is also on the horizon: Adnoc Drilling could also explore acquisitions of rigs or drilling businesses in Kuwait and Oman, after being pre-qualified for operations in both markets. Drilling in these countries is set to begin this year, Salem said.

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