Adnoc Drilling secured a $980 million contract from Adnoc to hire two jack-up offshore rigs, associated manpower and equipment, which will help support the parent company's offshore operations and its goal of boosting crude oil production capacity to five million barrels per day by 2030 amid growing global demand for oil and gas with a lower carbon intensity.
More than 80 per cent of the award value will flow back into the UAE economy under Adnoc’s In-Country Value programme, the company said on Thursday.
The latest contract award brings the total value of awards from Adnoc Offshore to Adnoc Drilling to $5.95 billion in 2022.
“Contracts like this help ensure we continuously deliver strong and sustained growth, while further driving shareholder value, and our ambitious rig fleet expansion program, to which we have made a significant capex commitment, is making the delivery of such contracts possible," said Adnoc Drilling chief executive Abdulrahman Abdullah Al Seiari.
“Our status as a key enabler of Adnoc’s production capacity expansion targets, offers investors a solid opportunity for sustained and predictable revenue growth, coupled with market leading cash flows and profitability margins, enabling our progressive dividend policy.”
Adnoc Drilling, which has provided services to Adnoc Offshore since 2019, is the largest national drilling company in the Middle East by rig fleet size, owning 105 rigs as of July 31 and expecting two new rigs to commence operations by the end of 2022.
Yaser Almazrouei, Adnoc's upstream executive director said the most recent award for the hire of jack-up rigs supports the company's "ongoing efforts to responsibly unlock our lower carbon intensity oil and gas resources, alongside our strategic international partners, and contribute to global energy security”.
Earlier this week, Adnoc Drilling awarded a contract worth $1.53bn for the provision of jack-up and island rigs and associated integrated drilling services. This followed two awards in August worth $3.43bn for the hire of eight jack-up rigs.
Last month, Adnoc and Abu Dhabi National Energy Company, better known as Taqa, closed their $3.8bn strategic project to power and decarbonise Adnoc's offshore production operations.
Adnoc Drilling has provided integrated drilling services to Adnoc Offshore since 2019.
Adnoc is the company's majority shareholder, with an 84 per cent stake, while US energy services company Baker Hughes, which entered into a partnership with Adnoc Drilling in October 2018, has 5 per cent while US contract oil and gas driller Helmerich & Payne holds 1 per cent.
UAE currency: the story behind the money in your pockets
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
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The specs
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
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Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
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UAE currency: the story behind the money in your pockets
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
