The UAE's National Drilling Company has signed three key contracts worth $543 million to buy 14 new rigs, state news agency WAM reported on Sunday.

One offshore and one onshore rig, worth $203 million, will be built in the UAE, WAM said, quoting the company's chief executive Abdullah Saeed Al Suwaidi.

The onshore rig deal was signed with National Oilwell Varco , while the offshore one went to Lamprell.

A third deal was signed with China Petroleum Technology & Development Corporation for 12 rigs, Suwaidi said.

The new contracts are part of the UAE company's expansion plans and also the result of growing demand from its customers, it said.-Reuters