ADNOC Drilling’s net profit for the nine-month period from January to September 2022 grew significantly, by 24% to $568 million, while revenue increased to $1.94 billion compared to the same period last year.

The company, which is a subsidiary of state-owned ADNOC, has accelerated its rig fleet expansion program during the course of 2022, and in the third quarter, signed two sale and purchase agreements to acquire a further three premium jack-up drilling units for $210 million.

In September 2022, ADNOC drilling acquired two premium offshore jack-up rigs for $140 million to meet ADNOC’s plan to raise and sustain production capacity. With the addition of these two premium jack-up rigs, the company said it owns one of the largest operating fleets of offshore jack-up rigs in the world and has plans for further fleet growth.

Source : https://www.oilandgasmiddleeast.com/