Energy Adnoc Drilling Q3 profit rises 36% By Pramod Kumar November 14, 2023, 6:53 AM Adnoc Drilling Revenue rose 16% year on year to $776 million due to new rigs entering the operational fleet Adnoc Drilling reported a 36 percent rise in net profit for the third quarter of 2023, driven by strong top-line growth and effective cost-management initiatives. Adnoc Drilling is the drilling arm of the Abu Dhabi state oil company Adnoc. Net earnings for the period reached $257 million (AED943.96 million) in the quarter ended September 2023, compared to $189 million a year earlier. Adnoc Drilling’s new JV targets $1.5bn investments Adnoc Distribution reports 9% quarterly profit rise Revenue rose 16 percent year on year to $776 million as a result of new rigs entering the operational fleet. Profit grew 24 percent year on year to $704 million in the first nine months of 2023. Revenue rose 14 percent annually to $2.2 billion, supported by increased activity and the expansion of oilfield services. The company now has a total fleet of 134 operational rigs. Adnoc Drilling expects total revenue of up to $3.2 billion for 2023, with net profit of $900 million to $1 billion (previously $850 million-$1 billion). The company expects capital expenditure to be around $1.3 billion for 2023, compared to the earlier estimates of $1.3-$1.75 billion. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
