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Revolutionizing Land Rig Technology With Hybrid Power | |
| Sumita Pawar |
ADNOC Drilling Company PJSC has signed a $75 million agreement with Honghua Golden Coast for the purchase of six new-build hybrid power land rigs.
The rigs will progressively enter the fleet in Q2 2024, with partial revenue and EBITDA contributions in 2024 and full-year contributions from all rigs in 2025.
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ADNOC Drilling has ordered a total of 16 newbuild hybrid power land rigs year-to-date, all part of the medium-term guidance to get to an owned-rig count of 142 by the end of 2024.
The rigs use a high-capacity battery and engine automation in parallel with traditional diesel generators, reducing greenhouse gas emissions by up to 15% compared to a traditional rig.
Each rig will have the provision to be connected to the electrical grid with minimum adjustment, reducing emissions further. The drilling units are 750-HP Fast Desert Moving Design hybrid workover land rigs.
The purchase is central to ADNOC Drilling’s rigorous decarbonization strategy and commitment to support ADNOC’s target to reduce greenhouse gas intensity by 25% by 2030, as well as the UAE Net Zero by 2050 strategic initiative.