Adds 20% to the company's annual revenue compared to 2022

ADNOC Drilling Awarded AED 1.51 Billion Contract

ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX), has announced that it has been awarded a five-year contract from ADNOC Marine to provide integrated drilling services worth AED 1.51 billion (US$ 412 million), which will commence in the second quarter of 2023.

Integrated Services

ADNOC Drilling will provide integrated drilling services for the Upper Zakum Development Project, the largest productive field in ADNOC offshore's portfolio, while ADNOC Drilling's services will contribute to the efficiency of the project's production operations, achieve significant cost savings, and support ADNOC's plans to accelerate the goal of responsibly increasing its production capacity to contribute to meeting the growing global demand for energy.

Production Capacity

Abdulrahman Abdulla Al Saiari, CEO of ADNOC Drilling, said: "We are delighted to have been awarded this important contract, which will contribute to the effective development of the Upper Zakum field and enable ADNOC to accelerate the goal of responsibly increasing its energy supply capacity to meet growing global demand."

"This contract underscores the company's commitment to achieving one of its strategic objectives of expanding its oilfield services business as part of its ongoing efforts to double oilfield services revenues by 2025."

He stressed that the contract will add about 20% to the company's annual revenues compared to 2022, pointing out that the company provides comprehensive services in the field of completion and preparation of wells that are pioneers in the drilling sector, and contribute to improving the performance of operational operations, raising efficiency, achieving significant cost savings and reducing the time of delivery of wells to customers.

Platforms & Revenue

As a leader in the region, ADNOC Drilling is committed to expanding its comprehensive services in the oilfield services sector, enabling it to provide comprehensive end-to-end drilling services and well completion services for the benefit of customers.

The number of integrated drilling service rigs operating in 2022 reached 40, while oilfield services revenues amounted to AED 1.48 billion (US$ 405 million), up 23% from last year.

According to its forward-looking guidance for 2023, the company expects oilfield services to generate revenues of between AED 1.83 billion and AED 2 billion ($500 million to $550 million).

Previous Decades

Previous integrated drilling services contracts awarded to the company in 2022 included a contract to provide integrated drilling services worth AED 4.77 billion ($1.3 billion) for the giant Ghasha project, a contract for integrated drilling services to provide drilling fluids and related services worth AED 5.87 billion ($ 1.6 billion), and a contract for wire registration services for drilling and punching information worth AED 2.85 billion ($ 777 million).