Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, has secured a $412 million contract to provide integrated drilling services for the development of the Upper Zakum oilfield in Abu Dhabi.
The five-year contract was awarded by Adnoc Offshore and will start in the second quarter of 2023, Adnoc Drilling said on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
The Upper Zakum field, the largest producing field in Adnoc's portfolio, is the second-largest offshore oilfield and fourth-largest oilfield in the world.
The contract will contribute to the "effective development of the Upper Zakum field and enable Adnoc to realise accelerated production capacity targets to responsibly supply energy to a world which sees continuously rising demand", said Abdulrahman Al Seiari, chief executive of Adnoc Drilling.
"This contract award further demonstrates the delivery of our strategic objective to expand our oilfield services (OFS) business as we continue to work towards our goal of further doubling OFS revenues by 2025. This contract alone will add some 20 per cent to our annual revenue compared with 2022."
The company's oilfield services unit posted $405 million in revenue last year, an increase of 23 per cent over 2021. It expects the division to generate revenue of between $500 million and $550 million in 2023, it previously said.
Adnoc Drilling reported a 61 per cent increase in its fourth-quarter net income as revenue hit a record during efforts to support its parent in boosting production capacity.
Net profit for the three months to the end of December climbed to $234 million, while revenue rose by 27 per cent on an annual basis to $733 million, as additional rigs were added to the fleet to boost operations.
Net income for the 2022 financial year jumped 33 per cent to $802 million.
Last year, Adnoc Drilling won a $1.3 billion award for the Ghasha project, which is part of the mega Ghasha concession, the world’s largest offshore sour-gas development.
The company was also awarded a $1.6 billion contract for integrated drilling fluid services and a $777 million deal for wireline and perforation services last year.
Adnoc Drilling has also forged partnerships to boost its portfolio.
In March, it signed an agreement to purchase 10 newbuild hybrid power land drilling rigs for $252 million as part of its decarbonisation strategy.
The rigs, built by China Petroleum Technology and Development Corporation, will progressively enter the company's fleet from the fourth quarter of 2023, with a partial revenue and earnings before interest, tax, depreciation and amortisation contribution from 2024, the company said.
Adnoc Drilling also signed a five-year preliminary agreement with Abu Dhabi’s clean energy company Masdar last month to explore partnerships and investments in geothermal energy.
The companies will assess potential co-operation in areas such as development, investment, operations and projects to promote the energy transition in the UAE and other markets, Adnoc Drilling said.
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Director: Jon Watts
Stars: Tom Holland, Zendaya, Jacob Batalon
Rating:*****
The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
The biog
Age: 19
Profession: medical student at UAE university
Favourite book: The Ocean at The End of The Lane by Neil Gaiman
Role model: Parents, followed by Fazza (Shiekh Hamdan bin Mohammed)
Favourite poet: Edger Allen Poe
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
Jiu-jitsu calendar of events for 2017-2018:
August 5:
Round-1 of the President’s Cup in Al Ain.
August 11-13:
Asian Championship in Vietnam.
September 8-9:
Ajman International.
September 16-17
Asian Indoor and Martial Arts Games, Ashgabat.
September 22-24:
IJJF Balkan Junior Open, Montenegro.
September 23-24:
Grand Slam Los Angeles.
September 29:
Round-1 Mother of The Nation Cup.
October 13-14:
Al Ain U18 International.
September 20-21:
Al Ain International.
November 3:
Round-2 Mother of The National Cup.
November 4:
Round-2 President’s Cup.
November 10-12:
Grand Slam Rio de Janeiro.
November 24-26:
World Championship, Columbia.
November 30:
World Beach Championship, Columbia.
December 8-9:
Dubai International.
December 23:
Round-3 President’s Cup, Sharjah.
January 12-13:
Grand Slam Abu Dhabi.
January 26-27:
Fujairah International.
February 3:
Round-4 President’s Cup, Al Dhafra.
February 16-17:
Ras Al Khaimah International.
February 23-24:
The Challenge Championship.
March 10-11:
Grand Slam London.
March 16:
Final Round – Mother of The Nation.
March 17:
Final Round – President’s Cup.
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