Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, said on Friday it has been awarded 10-year contracts to provide five offshore jack-up rigs for nearly $2 billion, to support Adnoc's production capacity growth.
This award follows more than $11.5 billion in long-term contracts announced since the beginning of last year.
“The contracts, supporting drilling operations across five fields in Adnoc's offshore portfolio, are for the charter of five high-specification, premium jack-up rigs, along with all required manpower and equipment,” Adnoc Drilling said in a statement.
The new rigs – Salamah, Al Saadiyat, Al Sila, Ramhan and Yas – will be among the most capable, high-specification ones in the Arabian Gulf.
They have been acquired as part of the company’s fast-tracked rig fleet expansion programme.
This is designed to enable the delivery of Adnoc’s accelerated production capacity growth to responsibly meet rising global energy demand.
“Long-term contracts like these are the backbone of our business model, providing clear line of sight on future earnings,” said Abdulrahman Abdulla Al Seiari, chief executive of Adnoc Drilling.
“As we continue to grow our fleet, our shareholders will benefit from the opportunity to be directly invested in Adnoc’s accelerated production capacity growth, which is driving faster revenue growth and progressive, long-term shareholder returns, while responding to the world’s rising energy demand,” Mr Al Seiari said.
The rigs will commence activity progressively from the end of this year, with significant revenue expected next year and first full-year revenue contribution from 2025, Adnoc Drilling said.
The revenue associated with these contracts is included in the company’s full year 2023 and medium-term guidance.
Each of the five rigs will be equipped with a battery energy storage system to increase efficiency and reduce emissions.
This 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.
The new rigs are central to Adnoc Drilling’s decarbonisation strategy and the company’s commitment to support Adnoc’s target to reduce greenhouse gas intensity by 25 per cent by 2030.
This will also contribute to the UAE Net Zero by 2050 initiative.
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 five million barrels per day by 2027.
Adnoc Drilling this month signed an agreement to acquire two offshore jack-up rigs for $220 million.
Last month, it 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.
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
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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.
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
Results
Stage 4
1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13
2. Gaviria (COL) UAE Team Emirates
3. Pascal Ackermann (GER) Bora-Hansgrohe
4. Sam Bennett (IRL) Deceuninck-QuickStep
5. Caleb Ewan (AUS) Lotto Soudal
General Classification:
1. Adam Yates (GBR) Mitchelton-Scott 16:46:15
2. Tadej Pogacar (SLO) UAE Team Emirates 0:01:07
3. Alexey Lutsenko (KAZ) Astana Pro Team 0:01:35
4. David Gaudu (FRA) Groupama-FDJ 0:01:40
5. Rafal Majka (POL) Bora-Hansgrohe
COMPANY%20PROFILE%20
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UAE currency: the story behind the money in your pockets
Navdeep Suri, India's Ambassador to the UAE
There has been a longstanding need from the Indian community to have a religious premises where they can practise their beliefs. Currently there is a very, very small temple in Bur Dubai and the community has outgrown this. So this will be a major temple and open to all denominations and a place should reflect India’s diversity.
It fits so well into the UAE’s own commitment to tolerance and pluralism and coming in the year of tolerance gives it that extra dimension.
What we will see on April 20 is the foundation ceremony and we expect a pretty broad cross section of the Indian community to be present, both from the UAE and abroad. The Hindu group that is building the temple will have their holiest leader attending – and we expect very senior representation from the leadership of the UAE.
When the designs were taken to the leadership, there were two clear options. There was a New Jersey model with a rectangular structure with the temple recessed inside so it was not too visible from the outside and another was the Neasden temple in London with the spires in its classical shape. And they said: look we said we wanted a temple so it should look like a temple. So this should be a classical style temple in all its glory.
It is beautifully located - 30 minutes outside of Abu Dhabi and barely 45 minutes to Dubai so it serves the needs of both communities.
This is going to be the big temple where I expect people to come from across the country at major festivals and occasions.
It is hugely important – it will take a couple of years to complete given the scale. It is going to be remarkable and will contribute something not just to the landscape in terms of visual architecture but also to the ethos. Here will be a real representation of UAE’s pluralism.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape
