Adnoc Drilling and Adnoc signed a contract of US $980 million to lease two jack up offshore drilling platforms, related manpower and equipment, which will help support the parent company's offshore operations, as well as the goal of increasing the crude oil production capacity to 5 million barrels per day by 2030 under the growing global demand for low-carbon oil and natural gas.

The company said that according to Adnoc's domestic value plan, more than 80% of the reward value would return to the UAE economy. The latest contract award will make the total contract awarded by Adnoc Offshore to Adnoc Drilling reach 5.95 billion dollars in 2022.

Abdulrahman Abdullah Al Seiari, CEO of Adnoc Drilling, said that such contracts help ensure that we continue to achieve strong and sustained growth, while further driving shareholder value. Our ambitious drilling team expansion plan is making the delivery of such contracts possible. As a key driver of Adnoc's capacity expansion goal, we have provided investors with a solid opportunity for sustained and predictable income growth, coupled with market leading cash flow and profit margins, which enable us to implement a gradual dividend policy.

Adnoc Drilling has been providing services for Adnoc Offshore since 2019. It is the largest national drilling company in the Middle East. As of July 31, it has 105 drilling rigs. It is expected that two new drilling rigs will be put into operation by the end of 2022.

Arthur Almazrui, the upstream executive director of Adnoc, said that the recent jackup drilling platform leasing award supports the company to work with our strategic international partners to responsibly develop our low-carbon oil and gas resources and contribute to global energy security.

Earlier this week, Adnoc Drilling signed a US $1.53 billion contract to provide jack up rigs, island rigs and related integrated drilling services. Previously, in August, renting 8 jack up rigs won two awards worth 3.43 billion US dollars.

In September, Adnoc and Abu Dhabi National Energy Company closed their US $3.8 billion strategic projects to supply power and decarbonize Adnoc's offshore production operations. Since 2019, Adnoc Drilling has been providing comprehensive drilling services for Adnoc Offshore.Editor/Xing Wentao