Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, has signed an agreement to acquire six newbuild hybrid power land rigs for $75 million, as it expands and helps parent company Adnoc to increase its crude oil production capacity.
Built by Honghua Golden Coast, the new rigs will enter the fleet from the second quarter of next year. They will contribute partial revenue and ebitda (earnings before interest, taxes, depreciation and amortisation) from 2024 and full year contribution from all rigs in 2025, Adnoc Drilling said on Wednesday.
“As we implement our bold fleet expansion plan, we are working to ensure that growth comes with the delivery of our decarbonisation commitments,” said Abdulrahman Al Seiari, chief executive of Adnoc Drilling.
With the latest purchase and following an announcement in March detailing an agreement for 10 newbuild hybrid power rigs, the company has ordered 16 newbuild hybrid power land rigs so far this year.
These rigs “are central to Adnoc Drilling’s rigorous decarbonisation strategy and our commitment to support Adnoc’s target to reduce greenhouse gas intensity by 25 per cent by 2030”, Mr Al Seiari said.
Adnoc Drilling said last year it was considering expanding within the GCC as drilling activity increased after a surge in crude oil prices.
The newbuild rigs are part of the company's medium-term guidance to get to an owned-rig count of 142 by the end of 2024, it said.
The new rigs use a high-capacity battery and engine automation in parallel with the rigs’ traditional diesel generators. The hybrid power technology system stores energy in its batteries to use when there is a need for continuous power or to provide instant extra power when there is an increase in demand, reducing a rig’s greenhouse gas emissions by up to 15 per cent compared to a traditional rig.
Each of the rigs will have the provision to be connected to the electrical grid with minimum adjustment, depending on rig location and the availability of grid power, further reducing emissions, the company said.
Adnoc Drilling has provided integrated drilling services to sister companies Adnoc Onshore and Adnoc Offshore since 2019. It has been expanding operations as parent company Adnoc looks to boost its production capacity to 5 million barrels per day by 2027.
In November, the company was awarded three framework agreements valued at $4 billion.
It also secured a $980 million contract from parent company Adnoc to hire two jack-up offshore rigs, associated manpower and equipment.
In August, it was awarded two contracts worth $1.5 billion and $1.9 billion by Adnoc Offshore to boost production capacity.
It also received two contracts worth $2 billion linked to Adnoc's Hail and Ghasha development project in July.
Adnoc Drilling posted a 25 per cent rise in first-quarter net profit, as addition of new land rigs into the fleet boosted revenue, with the company's net income for the three months to the end of March rising to $218.6 million.
Company%20Profile
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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Price: From Dh1,700,000
Available: Now
MORE ON TURKEY'S SYRIA OFFENCE
CHATGPT%20ENTERPRISE%20FEATURES
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Company%20profile
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
