National Drilling Company in the UAE has signed $543mn contracts to buy 14 new rigs, state news agency WAM reported on Sunday.

One of the contracts was signed with National Oilwell Varco for the construciton of one onshore rig, while another was awarded to Lamprell to build an offshore one.

The two rigs have a combined value of $203mn and will be built in the UAE, WAM said, quoting the company's chief executive officer Abdullah Saeed al-Suwaidi.

The remaining 12 rigs will be built by China Petroleum Technology & Development Corporation, Suwaidi revealed.

He added that the new contracts are part of the company's expansion plans and also the result of growing demand from its customers.