Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Exploring more of Kuala Lumpur as Etihad Airways ramps up flight frequency

    September 23, 2023

    Dense smog from Taal volcano prompts health alerts in Manila

    September 22, 2023

    Anticipation builds in Abu Dhabi for the iconic ‘Union Fortress 9’ parade

    September 22, 2023
    Facebook X (Twitter) Instagram
    • Home
    • Contact Us
    Arab WordsmithArab Wordsmith
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Arab WordsmithArab Wordsmith
    Home » Drilling fluids services contract awarded to ADNOC Drilling for $1.6 billion
    Business

    Drilling fluids services contract awarded to ADNOC Drilling for $1.6 billion

    November 2, 2022
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    To meet the rising global demand for energy, ADNOC Drilling Company has awarded Integrated Drilling Fluids Services (IDFS) a five-year framework agreement valued at up to $1.6 billion. The agreement will help ADNOC expand its lower-cost and lower-carbon production capacity. Oilfield Services (OFS) revenue will increase by $150 million per year based on the award, which covers both onshore and offshore fields. With this contract award, ADNOC Drilling has confirmed $8.85 billion in awards for 2022, of which $1.15 billion was incremental to its previously disclosed revenue guidance.

    Drilling fluids services contract awarded to ADNOC Drilling for $1.6 billionIn order to capitalize on market opportunities, ADNOC Drilling is committed to expanding its offering. With the IDFS award, the Company will be able to achieve and exceed its goal of doubling OFS revenues by 2025. ADNOC Drilling celebrated one year since listing on the Abu Dhabi Securities Exchange on 3rd October 2022. The IPO was the largest in the exchange’s history and had a 31-to-1 oversubscription at the time. According to the company’s audited financial statements, the company returned 53.7% to shareholders as of 30th September 2022.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    IRENA 2023 heralds the next era of renewable energy solutions

    September 21, 2023

    Despite Federal Reserve’s pause, financial waters remain choppy for consumers

    September 21, 2023

    Child poverty doubles as US grapples with post-COVID economy

    September 14, 2023

    Arab Monetary Fund highlights $32 billion credit card fraud menace

    September 14, 2023
    Latest News

    Exploring more of Kuala Lumpur as Etihad Airways ramps up flight frequency

    September 23, 2023

    Dense smog from Taal volcano prompts health alerts in Manila

    September 22, 2023

    Anticipation builds in Abu Dhabi for the iconic ‘Union Fortress 9’ parade

    September 22, 2023

    Empowerment in focus as Modi’s vision for women takes legislative form

    September 22, 2023

    IRENA 2023 heralds the next era of renewable energy solutions

    September 21, 2023

    Despite Federal Reserve’s pause, financial waters remain choppy for consumers

    September 21, 2023
    © 2022 Arab Wordsmith | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.