Abu Dhabi – Mubasher: ADNOC Drilling Company has penned a sale and purchase agreement (SPA) to acquire a premium offshore jack-up drilling unit in exchange for $70 million.

The deal marks the company’s third transaction following the purchase of two premium offshore jack-up drilling units on 30 May 2022, in addition to a previous agreement in June, according to a recent bourse filing.

The rig acquisition programme comes in line with ADNOC Drilling’s expansion strategy and the three-year guidance on capital expenditure to enhance its revenues and shareholder returns in the coming years.

The four rigs are expected to join the company’s fleet by the end of 2022, bringing the company’s total offshore jack-up fleet to 28 operational units.

Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, noted: “The acquisition of this additional premium drilling unit is central to our bold growth strategy and the rig will support us in delivering on our commitments to shareholders.”

During the first half (H1) of 2022, the UAE-based firm reported net profits worth $379.31 million, a 34% year-on-year (YoY) jump from $281.58 million.