ADNOC Drilling Secures $1.63B Contract from ADNOC Offshore

ADNOC Drilling Company PJSC said it has received a letter of award for a $1.63 billion, five-year contract for integrated drilling services (IDS) from ADNOC Offshore.

The contract covers the provision of directional drilling, drilling fluids, cementing, wireline logging and tubular running services. The award incorporates advanced engineering and technical support for the effective delivery of extended reach and maximum reservoir wells offshore, the company said in a news release.

The award “reinforces ADNOC Drilling’s unique position within ADNOC Group and as the region’s leading provider of advanced, integrated energy services, and reflects the strength of its strategy to expand its fleet, service offerings and capabilities,” the company said.

The company added that the contract supports the growing Oilfield Services segment, with the economic impact included in the current 2025 and 2026 guidance, “underpinning the visibility of ADNOC Drilling’s business model and supporting the company’s financial targets”.

ADNOC Drilling CEO Abdulrahman Al Seiari, said, “We are immensely proud to secure this considerable award, which not only validates our strategic direction but also demonstrates the confidence ADNOC Offshore places in our capabilities. Our IDS offering delivers superior value and innovation, enabling us to play a pivotal role in reshaping the future of energy services in the region. This milestone underscores our commitment to operational excellence, and positions ADNOC Drilling as the partner of choice in an increasingly dynamic and complex energy landscape”.

“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,” he added

ADNOC Offshore CEO Tayba Al Hashemi, said, “ADNOC Drilling is a key enabler on our accelerated journey to responsibly meet the world’s growing energy needs. 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 [United Arab Emirates]”.

ADNOC Drilling describes itself as “leading the transformation of the energy services sector by adopting AI, integrating advanced technologies with deep industry knowledge and expertise with a relentless focus on operational efficiency”.

In 2025, ADNOC Drilling said it is set to enhance its operational capacity, projecting a rig count of over 148 by 2026 and more than 151 by 2028. The introduction of advanced rigs with AI-enabled technologies will enhance efficiency and bolster its oilfield services (OFS) segment, delivering greater value to customers, the company said in its most recent earnings release.

Having extended its contract in Jordan and gained prequalification in Kuwait and Oman, ADNOC Drilling said it plans for further regional expansion for the year.

For 2024, the company’s full-year revenue increased to $4.03 billion, rising by 32 percent year-on-year and its full-year EBITDA reached a high of $2.01 billion, up 36 percent year-on-year. Since the company’s listing on the ADX in 2021, its net profit for the full year has more than doubled, culminating in $1.30 billion in 2024, according to the release.

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