Abu Dhabi – Mubasher: ADNOC Drilling Company has confirmed the award of an estimated total contract value of $733 million by ADNOC Offshore, according to a press release.
The project contract will include three island drilling rigs to back the growing operations at the offshore Zakum field.
To be constructed by Honghua Group (HH), the rigs will incorporate industry-leading technology and automation. Meanwhile, the delivery of the rigs and commencement of operations is expected in 2026.
ADNOC Drilling and HH will also collaborate with AIQ, an Abu Dhabi-based artificial intelligence (AI) pioneer contributing to the energy sector globally.
The total capital expenditure expected for the purchase of the new island rigs is nearly $210 million, mostly concentrated in 2025, with the first full-year revenue from the new rigs expected to be in 2027.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, said: “These new island rigs will be the most advanced in the world, embracing artificial intelligence, the most transformative technology of our generation.”
“Our partnership with HH will amplify the creativity and ingenuity of our industry as we design and build these rigs of the future that drive efficiency and safety and deliver exceptional value for our customer ADNOC Offshore.”
Tayba Abdul Rahim Al Hashemi, CEO of ADNOC Offshore, commented: “ADNOC Drilling’s technical expertise and enhanced capabilities are key enablers as we safely and sustainably accelerate to meet the world’s growing energy demands.”
“This award will strengthen our partnership in the future as we work together to harness AI and innovation to maximise energy, minimise emissions and unlock significant value for stakeholders,” Al Hashemi continued.
The ADNOC Drilling fleet is expected to total at least 148 by 2026 including these three new rigs as well as the previously announced three land rigs for the initial phase of the unconventional development.
Since the fourth quarter (Q1) of 2021, ADNOC Drilling has invested more than $2.20 billion in building one of the largest integrated drilling fleets in the world.
As of 31 March 2024, the listed company posted 26% higher net profits after tax at $274.61 million, compared to $218.68 million in Q1-23.
