ADNOC Drilling announced the receipt of contract award letters from Kuwait Oil Company (KOC) for two high-specification offshore drilling rigs. The combined value of these contracts is approximately $313.6 million (equivalent to 96.6 million Kuwaiti Dinars). This contract award, which has been approved by the Kuwait Oil Company's higher procurement committee, signifies ADNOC Drilling's entry into the Kuwaiti offshore drilling market and the commencement of the company's drilling rig operations outside the United Arab Emirates.
Contract Details
The mentioned contracts include a fixed four-year term along with a one-year option that is not included in the contract value. ADNOC Drilling intends to use one of its rigs and will provide the second rig on a rental basis. Drilling operations are expected to commence in the fourth quarter of 2027, and these contracts are anticipated to deliver their first full financial contribution in 2028.
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CEO of ADNOC Drilling's Statement
Abdullah Naji Atiyah Al-Masabi, CEO of ADNOC Drilling, stated: "This contract award marks ADNOC Drilling's entry into the Kuwaiti marine market and is an important step in our international growth. We hope to serve this important market with our marine expertise, consistent execution, and commitment to safe and reliable operations."
ADNOC Drilling announced that this contract award supports the company's "Drilling to Production" strategy and aims to attract new customers, markets, and fresh revenue streams. These contract awards remain subject to final contract terms and conditions.
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