Adnoc Drilling wins $314m contracts in Kuwait — The National

Kuwait Oil Company has awarded UAE-based Adnoc Drilling two contracts with a total value of up to 96.5 million Kuwaiti dinars, or about $313.6 million. The company will provide and operate two offshore jack-up drilling rigs. The National reports that these will be Adnoc Drilling's first offshore rig operations outside the UAE.

Contract terms

The contracts were approved by the Higher Procurement Committee of Kuwait Petroleum Corporation. They are set for four years, including equipment mobilisation, and provide for a possible one-year extension. The stated amount does not include the value of the optional year.

Adnoc Drilling plans to deploy one of its own jack-up rigs and charter the second on a bareboat basis. Work is expected to begin in the fourth quarter of 2027. The company forecasts that the contracts will make their first full-year financial contribution in 2028.

More current news is available on the UA.News Telegram channel Telegram.

Regional expansion

Adnoc Drilling chief executive Abdulla Al Messabi described the deal as the company's entry into Kuwait's offshore market and a step in its international development. The company has 170 drilling rigs, 140 of which are located in Abu Dhabi.

Last year, Adnoc Drilling acquired an 80% stake in Oman's MB Petroleum Services, as well as 70% of global services company SLB's land drilling rigs business in Kuwait and Oman. Kuwait is attracting international oil companies to develop offshore fields as it seeks to increase production capacity to 4 million barrels per day by 2035.