ADNOC Drilling Secures 15-Year Contract for Two Jack-up Rigs

ADNOC Drilling announced the award of a $1.15 billion, 15-year contract for two jack-up rigs by ADNOC Offshore in support of its growing offshore operations. The contract will follow existing agreements, bringing accretive rates that generate long-term revenue and attractive returns..

With 47 offshore rigs, one of the largest operational offshore fleets in the world, ADNOC Drilling is uniquely positioned to support the UAE’s long-term energy strategy. The scale of the Company’s offshore fleet ensures both reliability and flexibility, enabling the rapid deployment of rigs to meet growing demand while maintaining operational excellence and safety.

The new rigs represent the latest generation of jack-up rigs and have been expertly prepared for operations at the Lamprell shipyard in Sharjah. This is aligned with the Company’s fundamental commitment to not only deliver high-quality solutions but drive In-Country Value and contribute to the UAE’s economic development by fostering local partnerships and prioritizing homegrown innovation.

The rigs will leverage advanced digitalization, real-time data analytics and AI as ADNOC Drilling continues to deploy the technology throughout its fleet to improve safety, efficiency and maximize asset value and operational uptime.

These long-term contracts are a clear demonstration of the resilience, stability and long-term visibility offered by ADNOC Drilling’s business model offering attractive returns. Multi-year engagements such as these, create a solid foundation for recurring revenue and earnings growth, supporting the Company’s ability to deliver resilient, sustainable and growing returns to shareholders.

The rigs are expected to commence operations around the end of 2Q 2025, delivering revenue in the second half of 2025 onwards. This award further derisks and reaffirms ADNOC Drilling’s current 2025 and medium-term guidance.