Abu Dhabi – Mubasher: ADNOC Drilling Company has signed a sale and purchase agreement (SPA) to acquire additional two premium offshore jack-up drilling units at a total cost of $140 million.
The agreement aligns with ADNOC Drilling’s growth strategy and the three-year guidance on capital expenditure to reinforce its revenues, according to a bourse disclosure on Monday.
The two new rigs will join the ADNOC Drilling fleet and start operations by the end of 2022.
Furthermore, the ADX-listed firm indicated that the acquisition will reflect on its income statements for the years 2022 and 2023.
The deal marks the company’s fourth transaction following the acquisition of two premium offshore jack-up drilling units on 30 May 2022, in addition to two further agreements signed on 10 June and 24 August, respectively.
Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, said: “The acquisition of these new jack-up rigs consolidates our position as the owner of one of the largest operating jack-up fleets in the world and will significantly boost Company revenues, cash flow, and shareholder returns over the coming years.”
During the first half (H1) of 2022, ADNOC Drilling logged net profits of $379.31 million, higher by 34% year-on-year (YoY) than $281.58 million.
