The ADNOC Drilling company raised its total rig fleet to 115 after adding 16 new drilling units in 2022. The new fleet additions helped boost the company’s onshore revenue by about 27% to $1.45 billion in 2022. The company aims to expand its fleet to at least 142 rigs by 2024 as part of its accelerated oil production capacity target of five million barrels per day by 2027. ADNOC owns an 84% stake in the company, while Baker Hughes Holding SPV retains its 5% shareholding of ADNOC Drilling, which debuted in ADX in October 2021 with a $1.1 billion IPO.