Adnoc Drilling clinches $412m contract

Adnoc Drilling has confirmed a five-year contract award worth $412m to provide integrated drilling services for the development of the Upper Zakum field, the largest producing field in Abu Dhabi National Oil Company (ADNOC)’s offshore portfolio.

The contract, awarded by Adnoc Offshore, is set to start in the second quarter of 2023, adding 20% to annual revenue compared with 2022.

Since January 2022, the Abu Dhabi-listed firm has won contracts for oilfield services worth $5.1bn, including integrated drilling. Previous contracts include a $1.3bn award for the Ghasha Megaproject, $1.6bn award for integrated drilling fluid services and a $777m award for wireline and perforation services. 

Adnoc Drilling had 40 operational rigs last year, with oilfield services revenue reaching $405m, an increase of 23% on the previous year. Revenue is expected to increase to up to $550m in 2023.