Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, has signed an agreement to acquire three offshore jack-up drilling rigs for $320 million as it expands and helps parent company Adnoc to increase its crude oil production capacity.
The cost of the acquisition is part of the company’s three-year guidance on capital expenditure and its plans to expand its businesses, Adnoc Drilling said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
“We continue to execute our bold growth strategy as a key enabler of Adnoc’s ambitious production capacity targets,” Abdulrahman Al Seiari, chief executive of Adnoc Drilling, said.
Adnoc Drilling, which is majority owned by Adnoc, owns 108 rigs as of the end of September.
The company was listed on the ADX in October last year and has rapidly expanded operations in recent months.
“The latest acquisition of these premium rigs will be central to our success, and cement our position as one of the world’s largest jack-up rig fleet owners, as we strive to significantly boost revenues and shareholder returns over the coming years,” said Mr Al Seiari.
Adnoc Drilling won contracts worth $8.85 billion this year and plans to acquire dozens of rigs by 2025 to support Adnoc's oil production capacity target of 5 million barrels per day by 2030.
With the latest purchase, the company will have 30 offshore jack-up rigs in its fleet, Adnoc Drilling said.
The company is looking to expand into the GCC as drilling activity increases after a surge in crude oil prices, Mr Al Seiari told The National in an interview last week.
The Middle East’s rig count, an early indicator of oil and gas production, stood at 326 last month, up nearly 19 per cent from the same period a year earlier, according to energy services firm Baker Hughes.
The aim of any potential mergers and acquisition activity or stake purchases would be to expand into the Gulf region first, Mr Al Seiari said, adding that the company would take it “step by step”, given a large backlog of contracts in Abu Dhabi.
Adnoc Drilling has provided integrated drilling services to Adnoc Onshore and Offshore since 2019. The company’s highly competitive position, integrated capabilities and technical expertise have helped to increase the efficiency of Adnoc’s drilling operations.
Last week, the company reported a 6 per cent increase in third-quarter profit on the back of higher revenue from its onshore and oilfield services segments.
Net profit for the three-month period to the end of September climbed to $189 million from the same period a year earlier, while revenue during the period rose 17 per cent year-on-year to $671 million.
Earlier this month, Adnoc awarded three framework agreements valued at $4 billion to support its goal of increasing crude oil production amid growing global demand for oil and gas with a lower carbon intensity.
The contracts were awarded to Adnoc Drilling and US-based oilfield services providers Schlumberger NV and Halliburton Company. The agreements, which cover Adnoc’s onshore and offshore operations, will run for five years, with an option for a further two years.
Adnoc owns an 84 per cent stake in Adnoc Drilling. Baker Hughes holds 5 per cent, while US contract oil and gas driller Helmerich & Payne holds a 1 per cent stake.
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
Killing of Qassem Suleimani
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The%20Hunger%20Games%3A%20The%20Ballad%20of%20Songbirds%20%26%20Snakes
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Transmission: Eight-speed auto
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Sideup%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202019%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Waleed%20Rashed%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%2C%20Egypt%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%2C%20e-commerce%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%241.2%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Launch%20Africa%20VC%2C%20500%20Global%2C%20Riyadh%20Angels%2C%20Alex%20Angels%2C%20Al%20Tuwaijri%20Fund%20and%20Saudi%20angel%20investor%20Faisal%20Al%20Abdulsalam%3C%2Fp%3E%0A
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
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Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
If you go...
Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Children who witnessed blood bath want to help others
Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.
As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.
Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.
“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”
Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.
“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”
Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.
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UAE currency: the story behind the money in your pockets
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
Mina Cup winners
Under 12 – Minerva Academy
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Under 16 – Fursan Hispania
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More from Neighbourhood Watch:
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The specs: 2018 Mercedes-Benz S 450
Price, base / as tested Dh525,000 / Dh559,000
Engine: 3.0L V6 biturbo
Transmission: Nine-speed automatic
Power: 369hp at 5,500rpm
Torque: 500Nm at 1,800rpm
Fuel economy, combined: 8.0L / 100km
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
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Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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