Subscribe to Updates

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

    What's Hot

    Pakistan economy in danger of collapsing due to loan defaults

    January 27, 2023

    Global growth will slow to 1.9 percent in 2023, warn UN economists

    January 26, 2023

    Modi-Sisi sign MoUs to boost Indian-Egyptian trade to $12 billion

    January 26, 2023
    Facebook Twitter Instagram
    • Home
    • Contact Us
    Addis Ababa WeeklyAddis Ababa Weekly
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Addis Ababa WeeklyAddis Ababa Weekly
    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 WhatsApp 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 WhatsApp Email

    Related Posts

    Global growth will slow to 1.9 percent in 2023, warn UN economists

    January 26, 2023

    Modi-Sisi sign MoUs to boost Indian-Egyptian trade to $12 billion

    January 26, 2023

    Google is planning to lay off 12,000 employees

    January 20, 2023

    India signs a train deal worth 3 billion euros with Siemens

    January 17, 2023

    Indian exports surged to $569 billion from April to December 2022

    January 16, 2023

    Property deals worth $2.2 billion in Dubai this week

    January 13, 2023
    Latest News

    Pakistan economy in danger of collapsing due to loan defaults

    January 27, 2023

    Global growth will slow to 1.9 percent in 2023, warn UN economists

    January 26, 2023

    Modi-Sisi sign MoUs to boost Indian-Egyptian trade to $12 billion

    January 26, 2023

    OPEC fund loans $120 million to Panama to tackle climate change

    January 26, 2023

    Ship carrying 22 sinks off Jeju, 14 rescued, 9 unconscious

    January 25, 2023

    Transport halted across Japan by heavy snow, deep cold

    January 25, 2023

    Pakistan suffers major power outage following failure of the grid

    January 23, 2023

    Rapid and concrete EU expansion is sought by Germany and France

    January 23, 2023
    © 2021 Addis Ababa Weekly | All Rights Reserved
    • Home
    • Contact Us

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