Abu Dhabi – Mubasher: ADNOC Drilling Company received a letter of award for a $1.63 billion contract from ADNOC Offshore to provide directional drilling, drilling fluids, cementing, wireline logging and tubular running services.
The five-year contract for Integrated Drilling Services (IDS) incorporates advanced engineering and technical support for the effective delivery of extended reach and maximum reservoir wells offshore, according to a press release.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, commented: “This five-year award is a strong reflection of ADNOC Drilling’s long-term contracting model, which provides revenue visibility and stability over the contract period.”
“It aligns with our disciplined approach to building a resilient business foundation, capable of generating consistent cash flow and supporting sustainable shareholder returns through the cycle,” Al Seiari stated.
Tayba Al Hashemi, CEO of ADNOC Offshore, said: “This contract gives us access to their cutting-edge capabilities and market-leading end-to-end services, which will maximize efficiency and generate significant value for our shareholders and the UAE.”
The ADX-listed firm generated $1.30 billion in net profit during 2024, an annual rise of 26% from $1.03 billion.
