- Middle East
- ADNOC Drilling awarded $3.8 billion drilling contract, underscoring strong growth trajectory
ADNOC Drilling Awarded $3.8 Billion Drilling Contract, Underscoring Strong Growth Trajectory
Sumaira FH Published December 09, 2021 | 12:30 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 09th Dec, 2021) ADNOC Drilling Company PJSC (ADX symbol: ADNOCDRILL / ISIN: AEA007301012), today announced that it has signed a five-year Drilling Services Agreement with ADNOC Onshore for the continued provision of drilling, workover and other well services. The contract will run for up to 5 years, for a total value of US$3.8 billion.
Structured to drive efficiency in work crews, rig move time and maintenance scheduling, the contract benefits both ADNOC Drilling and ADNOC Onshore. It underpins ADNOC Drilling’s unique position as sole drilling services provider to ADNOC and will advance ADNOC Drilling’s ambitious growth and expansion plans.
Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said, "ADNOC Onshore is a valued and long-standing customer and this contract award further extends a 50-year profitable and unique partnership. I am delighted, that working together, we will continue to drive value for ADNOC and the UAE, delivering on the 2030 strategic production capacity and gas self-sufficiency targets.
Advanced technologies and digitalisation are at the heart of this agreement, as ADNOC Drilling continues to improve efficiencies, drive further growth opportunities, while minimising our environmental footprint."
Following its record ADX listing on 3rd October 2021, ADNOC Drilling released its first earnings on 10th November 2021, showing strong and resilient growth for the third quarter and first nine months of the year. The Company’s growth journey includes geographical expansion and further development of ADNOC Drilling’s Oilfield Services offering.
ADNOC Drilling is the only provider of fully Integrated Drilling Services (IDS) in the region and since 2018, the Company has delivered more than $250 million of savings to its customers through the delivery of these wells.