Adnoc to expand offshore ops: Adnoc Drilling has secured a USD 1.15 bn, 15-year contract from Adnoc Offshore to operate two jack-up rigs to support its offshore expansion plans, according to a press release (pdf). The two new rigs were prepared at Lamprell’s shipyard in Sharjah and are described as next-gen jack-ups equipped with advanced digitalization systems, real-time data analytics, and AI technologies.

The timeline: Both rigs are scheduled to begin operations toward the end of 2Q 2025, with Adnoc Drilling expecting revenue contributions to kick in during 2H 2025.

REMEMBER- Adnoc Offshore awarded Adnoc Drilling a USD 806 mn long-term contract for three newbuild island rigs earlier this month, along with a USD 1.6 bn five-year contract for integrated drilling services (IDS) earlier in April.

Big goals ahead: Adnoc Drilling expects to operate more than 151 rigs by 2028 and reach USD 5 bn in revenue in FY 2026. The company’s CFO Youssef Salem said it will 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. The company could explore acquisitions of rigs or drilling businesses in Kuwait and Oman, after being pre-qualified for operations in both markets.

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