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ADNOC Drilling expands revenue pipeline with new $800m contract
ADNOC Drilling expands revenue pipeline with new $800m contract

Yahoo

time01-07-2025

  • Business
  • Yahoo

ADNOC Drilling expands revenue pipeline with new $800m contract

ADNOC Drilling Company has received a new five-year contract worth up to $800m from compatriot company ADNOC Onshore for integrated hydraulic fracturing services for conventional and tight reservoirs. This award, set to begin in the third quarter of 2025, builds on a series of recent major deals, bringing the total value of contracts secured by the company to $4.8bn over the past two months. The contract aligns with Abu Dhabi National Oil Company's (ADNOC's) strategic initiative to accelerate the development of conventional and tight reservoirs across the UAE. It encompasses the design, execution, and evaluation of multistage hydraulic fracturing treatments. These services will be implemented across various assets in Abu Dhabi to enhance oil and gas flow and optimise production. ADNOC Drilling CEO Abdulla Ateya Al Messabi said: 'This significant contract is a powerful endorsement of [our] expanding capabilities and our trusted partnership with ADNOC Onshore. 'It reflects our ability to deliver high-impact, technologically advanced fracturing services that will help unlock the UAE's energy potential. As we continue our transformation, we are proud to support the nation's strategic energy goals and reinforce our position as a leader in integrated drilling and completion solutions.' Under the contract, the drilling subsidiary plans to utilise advanced technologies, including proprietary fracturing simulation software, to maximise efficiency and performance. Intelligent fluid systems will adjust to reservoir conditions in real-time, while automated pumping units and blending systems will enhance operational safety and efficiency. Established in 1972, ADNOC Drilling serves as the sole drilling provider for ADNOC. In May 2025, the company acquired a 70% stake in SLB's land drilling rigs operations in Kuwait and Oman. The acquisition is expected to boost the company's earnings and cash flow from land rigs in these regions. Separately, tubular solutions provider Vallourec received an order from ADNOC to supply more than 30,000 tonnes of carbon steel tubulars with VAM premium connections. This order is part of a long-term agreement for oil country tubular goods (specialised steel pipes and tubes used for drilling, completing and producing wells) between the two companies and supports ADNOC's goal of reaching a daily production capacity of five million barrels by 2027. Production for this order will occur at Vallourec's facilities in Brazil, China, and Indonesia. "ADNOC Drilling expands revenue pipeline with new $800m contract" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

Adnoc Drilling awarded five-year oilfield services contract worth up to $800m
Adnoc Drilling awarded five-year oilfield services contract worth up to $800m

The National

time30-06-2025

  • Business
  • The National

Adnoc Drilling awarded five-year oilfield services contract worth up to $800m

Adnoc Drilling, the Middle East's largest drilling company, said it was awarded a contract valued at up to $800 million by Adnoc Onshore for the provision of integrated hydraulic fracturing services for conventional and tight reservoirs. The five-year agreement is to commence in the third quarter of 2025, the energy services company said in a statement on Monday. The contract has a ceiling cumulative value of up to $800 million in revenue for Adnoc Drilling. Actual revenue will depend on the pace and extent of call-offs, the company said. The deal marks the fifth contract for Adnoc Drilling in about two months. It also has a $1.6 billion five-year contract for integrated drilling services, a $806 million contract for three island rigs and a $1.15 billion 15-year contract for two jack-up rigs, all awarded by Adnoc Offshore, as well as a $400 million backlog of Adnoc Drilling's signed acquisition in Oman and Kuwait, the company said. 'This contract is a powerful endorsement of Adnoc Drilling's expanding capabilities,' said chief executive Abdulla Al Messabi. 'It reflects our ability to deliver high-impact, technologically advanced fracturing services that will help unlock the UAE's energy potential.' Adnoc Drilling owned 142 rigs ­– 95 onshore and 47 offshore – as of the end of last year, with three new island rigs on order for 2026. The company expects to boost its partnerships and acquisitions in 2025 as its profit grew by nearly a quarter in the first three months of the year. Net profit in the period that ended on March 31 jumped 24 per cent annually to $341 million. Revenue increased by about 32 per cent year-on-year to $1.17 billion. The Abu Dhabi company signed a joint venture agreement with global oilfield services company SLB in May for its land drilling rigs business in Kuwait and Oman, as it seeks to expand beyond the UAE. Last year, the company teamed up with Alpha Dhabi Holding to launch Enersol, a technology-focused venture. It aims to invest $1.5 billion in technology-driven companies in the oilfield services sector by the end of 2025. Enersol has already acquired four companies and has spent $800 million out of a $1.5 billion capital expenditure earmarked through the end of 2025. The Adnoc Onshore contract's scope of work includes the design, execution and evaluation of multistage hydraulic fracturing treatments, which will be used across a range of assets in Abu Dhabi, the company said. 'Fracturing services for conventional and tight reservoirs are used to enhance the flow of oil or gas through existing natural pathways and optimise production by improving flow rates,' Adnoc Drilling added. 'Proprietary fracturing simulation software will be used to optimise every stage of the operation, increasing flow rates and overall hydrocarbon recovery. 'Intelligent fluid systems will adapt dynamically in real-time to reservoir conditions, improving fracture efficiency and reducing environmental impact. Automated pumping units and blending systems will enhance safety, streamline operations and reduce the need for on-site manpower.' The economic and financial impact of this contract reaffirms the drilling company's 2025 guidance and 2026 revenue guidance. It also provides further growth and upside in 2027 onwards beyond the current guidance, the statement said. This growth will be accretive to the current return on equity and earnings per share, it added. Adnoc Drilling was listed on the Abu Dhabi Securities Exchange in 2021, when it was 31 times oversubscribed. Adnoc raised more than $1.1 billion from the listing. The drilling company raised a further $935 million by selling 880 million additional shares to institutional investors in May last year. The share sale represented 5.5 per cent of Adnoc Drilling's total issued share capital.

ADNOC Drilling awarded five-year contract for oilfield services worth up to $800mln
ADNOC Drilling awarded five-year contract for oilfield services worth up to $800mln

Zawya

time30-06-2025

  • Business
  • Zawya

ADNOC Drilling awarded five-year contract for oilfield services worth up to $800mln

Award covers fracturing services, building on ADNOC Drilling's success as a provider of integrated energy services Contract offers resilient earnings through its unique OFS offering and secures accretive growth and returns through 2030 and beyond Abu Dhabi, UAE – ADNOC Drilling Company PJSC ('ADNOC Drilling' or the 'Company') (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) announced today the award of a contract valued at up to $800 million by ADNOC Onshore for the provision of integrated hydraulic fracturing services for conventional and tight reservoirs. The five-year agreement is set to commence in 3Q 2025, marking another significant milestone in ADNOC Drilling's evolution as a fully integrated technology-enabled energy services company. This award further reinforces ADNOC Drilling's leadership in high-tech oilfield services, combining next-generation equipment, artificial intelligence (AI) and real-time intelligence to deliver smarter, safer and more sustainable energy outcomes. Commenting on the award, Abdulla Ateya Al Messabi, ADNOC Drilling CEO, said: 'This significant contract is a powerful endorsement of ADNOC Drilling's expanding capabilities and our trusted partnership with ADNOC Onshore. It reflects our ability to deliver high-impact, technologically advanced fracturing services that will help unlock the UAE's energy potential. As we continue our transformation, we are proud to support the nation's strategic energy goals and reinforce our position as a leader in integrated drilling and completion solutions.' The contract's scope of work supports ADNOC's strategic goal to accelerate the development of conventional and tight reservoirs across the UAE and includes the design, execution and evaluation of multistage hydraulic fracturing treatments, which will be deployed across a wide range of assets in Abu Dhabi. Fracturing services for conventional and tight reservoirs are used to enhance the flow of oil or gas through existing natural pathways and optimize production by improving flow rates. ADNOC Drilling will deploy advanced technologies throughout the project to maximize efficiency and performance. Proprietary fracturing simulation software will be used to optimize every stage of the operation, increasing flow rates and overall hydrocarbon recovery. Intelligent fluid systems will adapt dynamically in real-time to reservoir conditions, improving fracture efficiency and reducing environmental impact. Automated pumping units and blending systems will enhance safety, streamline operations and reduce the need for on-site manpower. The economic and financial impact of this contract further reaffirms the 2025 guidance and the 2026 revenue guidance. It also provides further growth and upside in 2027 onwards beyond the current guidance. This growth will be accretive to the current return on equity and earnings per share. The contract has a ceiling cumulative value of up to $800 million in revenue for ADNOC Drilling, subject to client discretion. Actual revenues will depend on the pace and extent of call-offs. This marks the fifth contract in just over two months, including a $1.63 billion five-year contract for Integrated Drilling Services (IDS), a $806 million contract for three island rigs and a $1.15 billion 15-year contract for two jack-up rigs, all awarded by ADNOC Offshore, and a $400m backlog of ADNOC Drilling's signed acquisition in Oman and Kuwait. About ADNOC Drilling ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol 'ADNOCDRILL'; ISIN AEA007301012), is the largest drilling and integrated drilling services (IDS) company in the Middle East by fleet size, owning and operating one of the largest multi-discipline drilling fleets in the world. The Company is a critical link in ADNOC's upstream business, as ADNOC responsibly accelerates its production capacity targets in light of globally increasing demand for energy and enables the UAE's gas growth. ADNOC Drilling incorporated IDS into its portfolio in 2018 and now offers a total solution of start-to-finish wells and associated services that encompass the entire drilling value chain. To find out more, visit: For media inquiries, please contact: For investor inquiries, please contact: ir@

Adnoc Drilling appoints Abdulla Al Messabi as chief executive
Adnoc Drilling appoints Abdulla Al Messabi as chief executive

The National

time16-06-2025

  • Business
  • The National

Adnoc Drilling appoints Abdulla Al Messabi as chief executive

Adnoc Drilling, the Middle East's largest drilling company, has appointed Abdulla Al Messabi as its new chief executive. Abdulrahman Al Seiari, the company's current chief executive, will retire at the end of the year following more than 45 years at Adnoc and Adnoc Drilling. He will remain in an advisory capacity until the end of the year to support a 'smooth and seamless' leadership transition, the company said in a statement on Monday. 'Under his [Mr Abdulrahman's] leadership, the company has transformed into one of the world's largest and most technologically advanced energy services providers,' Dr Sultan Al Jaber, Adnoc managing director and group chief executive and chairman of Adnoc Drilling, said. Mr Al Messabi previously served as chief executive of Adnoc Sour Gas and, before that, chief executive of Adnoc Refining. He will help 'advance Adnoc Drilling's strategy of delivering profitable growth and long-term value creation, while ensuring continued efficiency and performance across all operations', Dr Al Jaber said. Adnoc Drilling owned 142 rigs ­– 95 onshore and 47 offshore – as of the end of last year, with three new island rigs on order for 2026. The company expects to boost its partnerships and acquisitions in 2025 as its profit grew by nearly a quarter in the first three months of the year. Net profit in the period that ended on March 31 jumped 24 per cent annually to $341 million. Revenue increased by about 32 per cent year-on-year to $1.17 billion. The Abu Dhabi company signed a joint venture agreement with global oilfield services company SLB last month for its land drilling rigs business in Kuwait and Oman, as it seeks to expand beyond the UAE. Last year, the company teamed up with Alpha Dhabi Holding to launch Enersol, a technology-focused venture. It aims to invest $1.5 billion in technology-driven companies in the oilfield services sector by the end of 2025. Enersol has already acquired four companies and has spent $800 million out of a $1.5 billion capital expenditure earmarked through the end of 2025. Mr Al Seiari led Adnoc Drilling through its initial public offering on the Abu Dhabi Securities Exchange in 2022, which was 31 times oversubscribed. Adnoc raised $1.1 billion from the listing. The drilling company raised a further $935 million by selling 880 million additional shares to institutional investors in May last year. The share sale represented 5.5 per cent of Adnoc Drilling's total issued share capital.

ADNOC Drilling announces appointment of Abdulla Ateya Al Messabi as CEO
ADNOC Drilling announces appointment of Abdulla Ateya Al Messabi as CEO

Zawya

time16-06-2025

  • Business
  • Zawya

ADNOC Drilling announces appointment of Abdulla Ateya Al Messabi as CEO

Abu Dhabi, UAE – ADNOC Drilling Company PJSC ('ADNOC Drilling' or the 'Company') (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) announced today that the Board of Directors has appointed Abdulla Ateya Al Messabi as the new ADNOC Drilling Chief Executive Officer (CEO). Abdulrahman Abdulla Al Seiari, the Company's current CEO, will retire at the end of the year following more than 45 years of dedicated service to ADNOC and ADNOC Drilling. He will remain in an advisory capacity through the year-end to support a smooth and seamless leadership transition. Commenting on the leadership transition, H.E. Dr. Sultan Al Jaber, ADNOC Managing Director and Group CEO and Chairman of ADNOC Drilling, said: 'We extend our deep appreciation to Abdulrahman for more than four decades of distinguished service to ADNOC and ADNOC Drilling. Under his leadership, the company has transformed into one of the world's largest and most technologically advanced energy services providers. His commitment to operational excellence, safety and national talent development has laid a strong foundation for continued success. 'As we look to the future, we are pleased to welcome Abdulla Ateya Al Messabi as CEO of ADNOC Drilling. With deep operational expertise and a proven leadership track record across the ADNOC value chain, Abdulla is ideally positioned to advance ADNOC Drilling's strategy of delivering profitable growth and long-term value creation, while ensuring continued efficiency and performance across all operations. I am confident that under his leadership, ADNOC Drilling will continue to deliver outstanding results for its shareholders, the UAE, and the wider energy sector.' Al Seiari's retirement marks the culmination of a distinguished career spanning more than 45 years with ADNOC. As CEO of ADNOC Drilling, he led the Company through a historic transformation, including its landmark initial public offering on the Abu Dhabi Securities Exchange, which was 31 times oversubscribed, a record at the time. Under his leadership, ADNOC Drilling has evolved into a high-performing, technology-enabled, future-focused energy services company. Al Messabi brings a wealth of industry experience and a track record in leadership and value creation in diversified and challenging aspects across the energy sector. He previously served as CEO of ADNOC Sour Gas and, prior to that, CEO of ADNOC Refining. His leadership has consistently delivered operational excellence, business transformation, and sustainable growth across ADNOC's upstream and downstream portfolio. His deep expertise in managing complex energy operations and driving strategic expansion will support ADNOC Drilling's continued growth and ambition. ADNOC Drilling remains committed to its industry leadership position and accelerating its strategic priorities, including regional expansion, technology integration and sustainable value growth. About ADNOC Drilling ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol 'ADNOCDRILL'; ISIN AEA007301012), is the largest drilling and integrated drilling services (IDS) company in the Middle East by fleet size, owning and operating one of the largest multi-discipline drilling fleets in the world. The Company is a critical link in ADNOC's upstream business, as ADNOC responsibly accelerates its production capacity targets in light of globally increasing demand for energy and enables the UAE's gas growth. ADNOC Drilling incorporated IDS into its portfolio in 2018 and now offers a total solution of start-to-finish wells and associated services that encompass the entire drilling value chain. To find out more, visit: For media inquiries, please contact: For investor inquiries, please contact: ir@

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