The acquisition additional cements Adnoc Drilling’s place as the biggest proprietor and operator of rigs within the Center East.
Employees Reporter, Gulf Immediately
Adnoc Drilling Firm on Wednesday introduced it has signed a sale and buy settlement to accumulate a further premium offshore jack-up drilling unit (the “rig”) for $70 million.
The sale and buy settlement is the third signed by the Firm in current months, with an settlement for 2 premium drilling items signed on Might 30, and one other for one premium drilling unit signed on June 10.
All 4 premium offshore drilling items are anticipated to affix the Firm’s fleet by year-end, bringing Adnoc Drilling’s complete offshore jack-up fleet to twenty-eight operational items, one of many largest working fleets on the planet. The acquisition additional cements Adnoc Drilling’s place as the biggest proprietor and operator of rigs within the Center East.
Adnoc Drilling’s amplified rig acquisition program is central to its strategic plan to considerably develop its enterprise, considerably enhancing Firm revenues and shareholder returns over the approaching years.
Abdulrahman Abdullah Al Seiari, Chief Govt Officer of Adnoc Drilling, commented: “The acquisition of this extra premium drilling unit is central to our daring progress technique and the rig will help us in delivering on our commitments to shareholders.
“Over the previous 50 years, Adnoc Drilling has grown in dimension, stature and functionality. Our place right this moment, as proprietor and operator of one of many largest offshore jack-up fleets on the planet is testomony to the experience of our folks and the visionary management of the UAE.”
The price of the acquisition is a part of the Firm’s three-year steerage on capital expenditure and strategic plans to broaden its present enterprise.
Adnoc Classification: Public Following its preliminary public providing in October 2021, Adnoc Drilling has demonstrated robust and resilient progress. Within the first half of 2022 the Firm delivered income of $1.27 billion, a 13% improve year-on-year, with $379 million in web revenue – a 34% improve.
Adnoc Drilling, listed on the Abu Dhabi Securities Alternate, is the biggest nationwide drilling firm within the Center East by rig fleet dimension, in addition to the only real supplier of drilling rig rent companies and sure related rig-related companies to Adnoc Group. The corporate is a essential hyperlink in Adnoc’s upstream enterprise, as Adnoc continues to maneuver in direction of its oil manufacturing capability targets allows gasoline self-sufficiency for the UAE. Adnoc Drilling can also be the primary nationwide Built-in Drilling Providers (IDS) firm within the area, providing start-to-finish wells and companies that embody your complete drilling worth chain.
In the meantime, the Abu Dhabi Division of Power (DoE) right this moment introduced that the event of its hydrogen coverage and regulatory framework goals to speed up the UAE’s nationwide hydrogen technique and assist the nation attain international management in low-carbon and clear hydrogen. For the design of this regulatory framework, the DoE is working with key Abu Dhabi authorities and personal sector stakeholders together with Adnoc, Mubadala, Masdar, ADQ, TAQA, Emirates Water and Electrical energy Firm, Abu Dhabi Ports, Ministry of Infrastructure and Power, Division of Financial Improvement, Division of Municipalities and Transport, Division of Finance and Setting Company – Abu Dhabi.
Abu Dhabi Division of Power’s hydrogen coverage and regulatory framework goals to obviously outline insurance policies, rules, requirements, and certifications for the rising hydrogen business to be globally aggressive. Because of the nature of the business, its vast goal markets, rising industrial types and features, progress traits of demand, and deeply technical elements, a coverage and regulatory framework is important to make sure sustainable developments and to place Abu Dhabi as a frontrunner within the manufacturing and utilization of hydrogen worldwide. The DoE expects to report on the outcomes of the Coverage and the regulatory framework earlier than the tip of 2022.
Eng. Ahmed Mohammed Belajer Al Rumaithi, Undersecretary of the Abu Dhabi Division of Power, stated: “A vibrant low carbon hydrogen manufacturing and consumption business will place Abu Dhabi and the UAE on the international forefront of nations producing inexperienced power. It could probably improve low-carbon hydrogen manufacturing in Abu Dhabi to greater than one million tonnes every year by 2030. Regionally produced hydrogen will act as a driver of innovation and financial diversification, permitting for the decarbonisation of the financial system according to UAE Nationwide Power Technique 2050, Internet Zero dedication and improved power safety & to help the financial, environmental, and social sustainability necessities of the emirate.”
“This is a chance for Abu Dhabi, with its ample photo voltaic sources, to contribute to fulfilling a worldwide want that can create new native industries and jobs, supply progress for present corporations, develop new talent units, and facilitate extra analysis. It’ll additionally stimulate extra international direct funding within the power sector.”