Oil & Gas Adnoc Drilling Q3 profit rises 30% to $335m By Pramod Kumar October 30, 2024, 11:48 AM Arvind Vallabh/Unsplash Adnoc Drilling owns 140 rigs, which should increase to 142 by the end of the year Adnoc Drilling’s net profit rose 30 percent year on year to $335 million in the third quarter of 2024, beating market expectations. Quarterly revenue at the company, listed on the Abu Dhabi stock exchange, jumped 32 percent annually to more than $1 billion. This was driven by the expansion of onshore and offshore fleets, as well as the continued growth of the oilfield services (OFS) segment. This momentum was further bolstered by the initial contributions from the Turnwell and the Enersol joint ventures. Adnoc Drilling bags $733m rigs contract for Zakum field Adnoc Drilling successfully floats further stake Adnoc Drilling focuses on expansion outside UAE Net profit grew 29 percent year on year to $905 million in the nine-month period. Revenue rose 28 percent annually to $2.85 billion, thanks to increased activity and the expansion of OFS. At the end of the third quarter, the fleet comprised 140 owned rigs, including four lease-to-own land rigs. The company expects the owned fleet to be 142 by the end of the year. 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
