ADNOC awarded contracts for three new island platforms

According to Amac News: The company said it has signed an agreement with ADNOC Offshore for three island drilling rigs in support of growing operations in the Zakum offshore field.
The signing of the contract will follow the existing agreements with income generated for a long period of time with guaranteed returns.
Three new island platforms will work on the existing and newly constructed innovative artificial islands in the Zakum offshore field to drill and complete wells.
These rigs, which will be built by HH, use industry-leading technology and automation. The delivery of the rigs and the start of operations are expected during 2026.
The design of rig operating systems seeks to use real-time condition, performance and usage data to generate actionable insights, improve rig performance and increase efficiency, leading to improved safety and better delivery times.
Drilling operations on ADNOC's innovative artificial islands provide ideal conditions for extended drilling (ERD), with the world's top five wells being delivered from these islands off the coast of Abu Dhabi, the most recent delivery being over 52,000 feet.
These rigs are built to provide ERD and also have advanced walkability between wells, eliminating the need to dismantle the rigs for relocation.
Total expected capital expenditures for new island platforms are approximately $210 million, primarily concentrated in 2025, with first full-year revenue from new platforms expected in 2027. Full year 2024 guidance is $200-250 million.
ADNOC's rig fleet is expected to reach at least 148 rigs by 2026, including these three new rigs as well as three previously announced land rigs for the initial phase of unconventional development.
As of Q4 2021, when the IPO took place, ADNOC Drilling has invested more than $2.2 billion in building one of the largest integrated drilling fleets in the world.