ADNOC Drilling Awarded Two Offshore Jack-Up Rig Contracts

ADNOC Drilling Company PJSC announced that Kuwait Petroleum Corporation Higher Procurement Committee (KPCHPC) has approved the award to ADNOC Drilling of two separate contracts for Rig 1 and Rig 2 under Tender No. RFP-2151011 for Kuwait Oil Company (KOC), relating to the provision and operation of two high-specification offshore jack-up rigs. The combined maximum value of the two contracts is USD$313.6 million (KWD 96,554,561.040). The approval marks ADNOC Drilling’s entry into offshore Kuwait and its first offshore rig operations outside the UAE.

The awards contemplate a four-year firm term inclusive of mobilization, with an additional one-year option (the combined maximum value excludes the optional year). Operations are expected to commence in the fourth quarter of 2027. The awards build on ADNOC Drilling’s experience in offshore operations and support the regional expansion pillar of Drill-to-Operate, which identifies strategic partnerships and access to new customers, markets and revenue streams as important drivers of long-term growth.

The contracts are expected to make their first full-year financial contribution in 2028, with the expected 2027 contribution already reflected in the preliminary 2027 guidance previously communicated.

The awards remain subject to applicable conditions and completion of the relevant contractual formalities.

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