ADNOC Drilling wins Kuwait offshore rig contracts worth up to $313.6 million

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ADNOC Drilling wins Kuwait offshore rig contracts worth up to $313.6 million — ADNOC wins Kuwait offshore

The contract award expands ADNOC Drilling's regional offshore footprint and opens its first offshore rig operations outside the United Arab Emirates. The two four-year agreements from Kuwait Oil Company carry a combined maximum value of $313.6 million and are scheduled to start in the fourth quarter of 2027.

Highlights

ADNOC Drilling won two offshore jack-up rig contracts from Kuwait Oil Company worth up to $313.6 million, marking its first entry into Kuwait.
The four-year contracts, with operations starting in Q4 2027 and a one-year extension option, expand ADNOC Drilling's regional offshore portfolio.
The awards signal ongoing demand for offshore rig capacity in the Gulf and enhance future revenue visibility for ADNOC Drilling beyond the UAE.

Kuwait offshore expansion and contract timeline

As reported by Reuters, citing ADNOC Drilling in a statement on Monday, the company secured two offshore jack-up rig contracts from Kuwait Oil Company with a combined maximum value of $313.6 million.

The award gives the UAE company entry into offshore Kuwait and marks its first offshore rig activity beyond its home market. The contracts run for four years and include mobilisation.

ADNOC Drilling said the agreements also include an additional one-year option, which is not included in the stated maximum value. Operations are expected to begin in the fourth quarter of 2027.

Regional operations and sector impact

The contracts extend ADNOC Drilling's presence in the Gulf offshore drilling market and deepen operating links between energy companies in Kuwait and the United Arab Emirates.

For the regional oilfield services sector, the award signals continuing demand for offshore rig capacity tied to longer-term development plans. It also adds future revenue visibility for ADNOC Drilling as it broadens activity outside the UAE.

Earlier, we reported that the WTO forecast Middle East exports to fall 17% in 2024 amid war-related trade disruptions.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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