Search ARN News Centre

ADNOC drilling expands fleet with new jack-up rigs

Monday, 23 December 2024 10:08

By ARN News Staff

WAM

ADNOC Drilling has enhanced its operational capabilities by receiving two new jack-up rigs, set to become operational in the first quarter of 2025.

This expansion brings the company's fleet to 142 rigs, solidifying its position among the world's largest drilling companies.

The addition of these rigs highlights ADNOC Drilling’s successful operational strategy in 2024.

An analytical report by JP Morgan praised the company's stable performance since its IPO, consistently exceeding expectations across market cycles.

The company also made significant strides in joint ventures, with "Inersol" acquiring four oilfield services companies, and "Turnwell" achieving a record time in initial drilling operations.

Looking ahead, ADNOC Drilling expects continued growth, having raised its financial forecast for 2025 after strong third-quarter results.

The company is on track to achieve a record performance in the fourth quarter with positive growth indicators.

Share

More from Business

  • Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

    The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.

  • Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

    UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).

  • China to impose tariffs of 34% on all US goods

    China has announced a slew of additional tariffs and restrictions against US goods as a countermeasure to sweeping tariffs imposed by US President Donald Trump. The Finance Ministry said it would impose additional tariffs of 34 per cent on all US goods from April 10.

  • Shares bruised, dollar crumbles as Trump tariffs stir recession fears

    Stocks limped to the end of the week on Friday, the dollar was set for its worst week in a month while gold flirted with a record peak as investors feared US President Donald Trump's sweeping tariffs would tip the global economy into a recession.

  • Wall Street futures sink as tariffs fuel recession fears

    US stock index futures tumbled on Thursday after President Donald Trump's sweeping tariffs on major trade partners heightened fears of an all-out trade war that could push the global economy into a recession.

Latest Local News

News

Quick Links

Get the app

  • Available on the App Store
  • Available on Google Play

© 2025 ARN and Aiir. All Rights Reserved.