ADNOC Drilling Company PJSC, UAE confirmed the award of a five-year framework agreement valued at up to $1.6 billion for integrated drilling fluids services (“IDFS”) to support the enlargement or enhancement of ADNOC’s lower-cost and lower-carbon intensive production capability, because it continues to cope with growing international demand for energy. The award covers ADNOC’s onshore and offshore fields will earn an extra $750 million on top of steering accessorial to field Services (“OFS”) revenue, or $150 million p.a. The contract award brings the full worth of awards confirmed by ADNOC Drilling in 2022 to $8.85 billion, of that $1.15 billion has been progressive to the Company’s antecedent disclosed steering revenue. Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, commented: “Integrated drilling fluids services crucial in support of delivering the wells requiredto fulfill ADNOC’s strategy to extend its production capability and deliver the goods for the UAE growing market. This award, one in every of multi-billion greenfield semi permanent contracts that we've got secured in 2022, reaffirms our strategic worth to ADNOC not even as a drilling supplier however as a significant OFS player. “Contracts of this scale facilitate to confirm that we tend to deliver sturdy and sustained growth for the UAE and ADNOC Drilling’s shareholders. The addition of $750 million in above-guidance revenue solidifies that growth flight.” Already a market leader within the region, ADNOC Drilling is committed to increasing it’s giving to take more advantage of market opportunities. ADNOC plans to double its OFS revenues by 2025, and therefore the IDFS award can accelerate the Company’s ability to realize and exceed that focus on, statement mentioned.
