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MarketScreener Homepage  >  Equities  >  Nyse  >  National Oilwell Varco, Inc.    NOV

NATIONAL OILWELL VARCO, INC.

(NOV)
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National Oilwell Varco : ADNOC Launches Major Rig Fleet Expansion Program in Support of its 2030 Smart Growth Strategy at its Annual Rig Owners' Seminar

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11/15/2019 | 09:38am EST

Abu Dhabi - ADNOC Drilling, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), announced today a major rig fleet expansion program to 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 technologically advanced and UAE-built land rigs with a total value of over AED 350 million ($100 million). Following the integration of the four rigs, which will join the fleet in the first quarter of 2020, ADNOC Drilling plans to acquire dozens of additional land, offshore, and island rigs by 2025.

The expansion program was announced at the 15th annual Rig Owners Seminar, which is organized by ADNOC Drilling in cooperation with DNV GL and held on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director and Chairman of the Board of Directors of ADNOC Drilling, said: 'ADNOC Drilling's rig fleet expansion underscores ADNOC's drive to unlock and maximize value from Abu Dhabi's vast hydrocarbon resources and will further improve drilling and well-completion efficiencies. The program is a pivotal enabler of our plans to substantially increase drilling for conventional oil and gas as well as considerably ramp up the number of unconventional wells, as we grow our oil production capacity and work to achieve gas self-sufficiency for the UAE.

'This major rig expansion program cements ADNOC Drilling's position as the largest drilling company in the Middle East and the region's first fully Integrated Drilling Services (IDS) company and will support ADNOC's target to achieve a crude oil production capacity of 5 million barrels per day by 2030.'

The four new rigs acquired in November 2019 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. Acquiring UAE-built rigs, underpins ADNOC's In-Country Value strategy, aimed at the growth and diversification of the UAE's economy. The rig additions take the value of UAE-built rigs in ADNOC Drilling to more than AED 7 billion ($1.9 billion).

Abdalla Saeed Al Suwaidi, CEO of ADNOC Drilling, said: 'Our rig fleet has expanded more than three-fold in less than a decade, from 29 rigs in 2010 to our current 95 rigs. The next phase of expansion will further strengthen ADNOC Drilling's capabilities and reinforce our key role of supporting the ADNOC Group in capturing more value from every barrel of oil it produces. In addition, the possession of modern, diverse, and technologically advanced rigs enhances our operational efficiency as we amplify our drilling activities in line with ADNOC's 2030 smart growth strategy and a more profitable upstream.'

Following the award to Baker Hughes of a five percent share in ADNOC Drilling in 2018, ADNOC Drilling transformed into a fully Integrated Drilling Services (IDS) business that is capable of delivering start-to-finish drilling and well-construction.

The company's service offering encompasses the entire drilling value chain by integrating a wide range of oilfield services, capturing more value from ADNOC's upstream growth and the substantial increase in the number of wells required as a result. The application of IDS has enhanced drilling performance by up to 25 percent, resulting in considerable cost savings and increased well profitability.

ADNOC's Rig Owners' seminar serves as a vital platform for rig owners, classification societies, operating companies, and marine and offshore service providers who convene to exchange knowledge and share best practices on enhancing drilling efficiency, asset integrity, and HSE performance.

The full-day seminar included several technical presentations that covered various aspects of technology adoption in the drilling industry, presented by a group of highly qualified professionals from GCC and international companies.

About ADNOC

ADNOC is one of the world's leading diversified energy and petrochemicals groups with a daily output of about 3 million barrels of oil and 10.5 billion cubic feet of natural gas. With 14 specialist subsidiary and joint venture companies, ADNOC is a primary catalyst for the UAE's growth and diversification.

About ADNOC Drilling

ADNOC Drilling is the largest drilling company in the Middle East, and the only national Integrated Drilling Services (IDS) company in the region. It has more than 47 years of experience and operates an expansive fleet of rigs that includes 64 land rigs, 20 jackup rigs, and 11 island rigs that have drilled over 8,000 wells. The company provides a comprehensive portfolio of drilling and well-construction services.

Contact:

Tel: +971 2 7070000

Fax: +971 2 6023389

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 8 545 M
EBIT 2020 580 M
Net income 2020 281 M
Debt 2020 369 M
Yield 2020 0,99%
P/E ratio 2020 25,1x
P/E ratio 2021 18,2x
EV / Sales2020 0,96x
EV / Sales2021 0,88x
Capitalization 7 808 M
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Average target price 27,00  $
Last Close Price 20,23  $
Spread / Highest target 63,1%
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Clay C. Williams Chairman, President & Chief Executive Officer
Jose A. Bayardo Chief Financial Officer & Senior Vice President
Hege Kverneland Chief Technology Officer & Vice President
Alex Philips Chief Information Officer
Eric L. Mattson Independent Director
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