Abu Dhabi (Al Ittihad)
ADNOC Drilling announced that it has signed an agreement to purchase ten new land rigs powered by hybrid energy, at a value of 925.62 million dirhams ($252 million).
The new hybrid-powered rigs rely on high-capacity batteries and automated engines in addition to conventional diesel generators. The system of hybrid energy technology stores energy in batteries for use when continuous power is needed or to provide additional power immediately, which will help reduce greenhouse emissions from each drilling rig by 10-15%.
The ten new rigs are equipped to be connected to the electrical network with minimal modifications, depending on the location of the rig and the availability and possibility of using the electrical network, which will contribute to reducing emissions.
Abdul Rahman Abdullah Al Sayari, CEO of ADNOC Drilling, said: “The acquisition will support our plans to enhance the company’s operational capabilities so that it can meet the expectations of its customers and achieve the goal of producing more energy with fewer emissions. Achieving the goal of reducing emissions in our operations will remain a fundamental goal in our accelerated growth path, in which we will continue to work on building our capabilities and capabilities to achieve more returns for shareholders.”
The new drilling rigs will gradually enter service within the company’s fleet, starting from the last quarter of this year, and their contribution to the increase in revenues and profits before tax, interest, depreciation and amortization will appear as of 2024, while the impact of their annual contribution will appear in the results of the entire year 2025. The acquisition of these new land rigs is the first to take place in accordance with the updated forward-looking directives, which aim to bring the number of rigs owned by the company to 142 rigs by the end of 2024, compared to the initial public offering directives, which set this number at 127 rigs by the end of 2030.
