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Northbridge Industrial Services Plc

ADNOC Drilling to buy ‘dozens’ of drilling rigs by 2025

UAE-based ADNOC Drilling has announced a major drilling rig fleet expansion program saying it would order dozens of drilling rigs by 2025.

The drilling subsidiary of Abu Dhabi’s national oil company ADNOC said the fleet expansion would support ADNOC’s upstream growth plans and enable the delivery of its 2030 Smart Growth Strategy.

In the first phase of the wider expansion program, ADNOC acquired, in November 2019, four UAE-built land rigs with a total value of over AED 350 million ($100 million). The four new rigs were manufactured in the UAE by National Oilwell Varco (NOV) and will be deployed in ADNOC’s onshore fields, which currently contribute more than 50 percent of ADNOC’s daily Murban oil production capacity.

Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, New Zealand, Brazil and Korea, Northbridge has a global customer base.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.