Adnoc’s part-listed Adnoc Drilling subsidiary has been awarded a $3.8bn drilling contract by Adnoc Onshore. The firm has made no secret that Adnoc’s 84% stake gives it a secure financial position, stating that “Adnoc’s strategic production targets in oil and gas and related planned upstream development projects directly translate into drilling activity and hence into tangible financial performance for Adnoc Drilling” (MEES, 12 November), and here is clear evidence of that.
The contract, announced on 9 December, is a “five-year Drilling Services Agreement with Adnoc Onshore for the continued provision of drilling, workover and other well services.” (CONTINUED - 97 WORDS)