Adnoc Drilling announced the purchase of three new offshore jack-up rigs on 21 November as it pursues its accelerated rig fleet expansion program. The firm is far from alone in pursuing a major expansion program, with other Middle East drilling entities also at varying stages of similar strategies. Regional NOCs are embarking on significant capacity expansion programs while also stepping up local-content requirements, opening up major opportunities for regional drilling firms.

The acquisition of the three “brand new high-specification” offshore rigs is costing Adnoc Drilling $320mn. It comes after the purchase of one rig in August, one rig in June and two in May. “We continue to execute our bold growth strategy as a key enabler of Adnoc’s ambitious production capacity targets. The latest acquisition of these premium rigs will be central to our success, and cement our position as one of the world’s largest jack-up rig fleet owners,” says CEO Abdulrahman Abdullah al-Seiari. (CONTINUED - 1113 WORDS)