Abu Dhabi – Mubasher: ADNOC Drilling Company announced a contract award valued at $1.15 billion for two jack-up rigs by ADNOC Offshore, according to a press release.

The 15-year deal aligns with the company’s expansion plans to grow its offshore operations, bringing accretive rates that generate long-term revenue and attractive returns.

The new rigs mark the latest generation of jack-up rigs and have been expertly prepared for operations at the Lamprell shipyard in Sharjah.

Meanwhile, they will leverage advanced digitalization, real-time data, analytics and AI, with ADNOC Drilling deploying advanced technology throughout its fleet to enhance safety and efficiency. This is in addition to maximizing asset value and operational uptime.

The rigs are expected to begin operations around the end of the second quarter (Q2) of 2025, generating revenue in the second half (H2) of 2025 onwards.  

Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, said: “By integrating artificial intelligence (AI), automation and digitalization capabilities, the two new jack-up rigs, our newest and most advanced jack-up rigs, will ensure superior efficiency and performance for our client ADNOC Offshore.”

“With this contract securing operations until 2040 and beyond, and providing strong, resilient and predictable returns, we are not only reinforcing our role in achieving ADNOC’s production capacity milestones but also driving sustainable long-term growth for our shareholders,” Al Seiari mentioned.

Tayba Abdul Rahim Al Hashemi, CEO of ADNOC Offshore, said: “In the past month, ADNOC Offshore has awarded long-term contracts worth c. $3.60 billion to ADNOC Drilling to safely accelerate our production capacity growth plans.”

“This partnership will help us to sustainably meet the world’s growing energy demands and maximize value for shareholders for decades to come,” he added.

In the first quarter (Q1) of 2025, ADNOC Drilling recorded 24% year-on-year (YoY) higher net profits after tax at $340.94 million, compared to $274.61 million.