ADNOC Drilling Company PJSC has announced that the Kuwait Petroleum Corporation Higher Procurement Committee has approved the award to the company of two separate contracts for Rig 1 and Rig 2 under Tender No. RFP-2151011 for Kuwait Oil Company.

The contracts relate to the provision and operation of two high-specification offshore jack-up rigs, with a combined maximum value of approximately USD 313.6 million. The award marks ADNOC Drilling's entry into offshore Kuwait and represents the company's first offshore rig operations outside the UAE.

Contract Terms and Timeline

According to the announcement, ADNOC Drilling expects to utilize an owned jack-up rig and bareboat a second rig, with the combined maximum contract value of USD 313.6 million covering both rigs over the four-year firm term.

The four-year firm term is inclusive of mobilization, with an additional one-year option. The combined maximum value excludes the optional year.

Operations are expected to commence in the fourth quarter of 2027. The contracts are expected to make their first full-year financial contribution in 2028, with the expected 2027 contribution already reflected in the preliminary 2027 guidance previously communicated by the company.

The awards remain subject to applicable conditions and completion of the relevant contractual formalities.

Regional Expansion Strategy

The awards expand ADNOC Drilling's regional footprint and advance the company's strategy to access new markets and revenue streams.

The company stated that the awards build on its experience in complex offshore operations and support the regional expansion pillar of its Drill-to-Operate strategy, which identifies strategic partnerships and access to new customers, markets, and revenue streams as important drivers of long-term growth.

CEO Comments on the Award

Abdulla Naji Ateya Al Messabi, ADNOC Drilling CEO, said, "This award marks ADNOC Drilling's entry into offshore Kuwait and an important step forward in our international growth journey. We are proud to have been selected by Kuwait Oil Company and look forward to bringing our offshore expertise, disciplined execution, and commitment to safe and reliable operations to this important market."

Company Details

ADNOC Drilling Company PJSC trades on the Abu Dhabi Securities Exchange under the ticker ADNOCDRILL, with ISIN AEA007301012.

The announcement was issued from Abu Dhabi, UAE.

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