Middle East national oil companies led by Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) are scaling up their offshore rig fleets amid record oil prices and increasing signs of a tightening rig market.

Aramco, the world’s largest oil exporter, is set to charter more than 30 jack-up rigs in its contracting drive, which is likely to conclude within weeks.

Persian Gulf neighbour Adnoc is not far behind, investing heavily in expanding its offshore drilling capability.