ADNOC Drilling Achieves Record Revenue Of USD 1.026 Billion In Third Quarter Of 2024

ADNOC Drilling Company has reported its highest-ever financial results for the third quarter and the first nine months of 2024. The company's revenue for the third quarter reached $1.026 billion, marking a 32% increase compared to the previous year. This growth was driven by expanding onshore and offshore fleets and the oilfield services (OFS) segment's continued development.

The company's revenue for the nine-month period saw a 28% rise year-on-year, reaching $2.85 billion. This increase was attributed to heightened activity levels and OFS expansion. ADNOC Drilling's strategic initiatives, including joint ventures with Turnwell and Enersol, contributed to this momentum. These partnerships have played a significant role in boosting the company's performance.

ADNOC Drilling's EBITDA for the third quarter was $510 million, reflecting a 34% year-on-year growth with a 50% margin. Net profit also rose by 30% to $335 million during this period. For the nine-month timeframe, EBITDA increased by 34% to $1.42 billion, while net profit grew by 29% to $905 million.

By the end of the third quarter, ADNOC Drilling owned a fleet of 140 rigs, including four lease-to-own land rigs. Throughout 2024, the company operationalised 21 rigs, including reactivations, with plans to add two more jack-up rigs in the fourth quarter. The total fleet is expected to reach 142 rigs by year-end.

Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, stated: "ADNOC Drilling has once again delivered record-breaking quarterly results, driven by our commitment to strong, sustained strategic growth. This exceptional performance, alongside our pursuit of operational excellence, is reshaping our earnings potential."

Commitment to Efficiency and Excellence

The CEO highlighted key achievements such as Enersol's progress and Turnwell's successful launch as evidence of their ability to execute on multiple fronts. He added that their focus on efficiency and expansion is reflected in their results due to their team's dedication.

The company's effective cost management strategies have been instrumental in achieving these record results. ADNOC Drilling continues to prioritise operational excellence while expanding its capabilities across various segments.

ADNOC Drilling's impressive financial performance underscores its strategic growth initiatives and commitment to delivering exceptional service quality. The company remains focused on enhancing its operational capacity while maintaining efficiency in its operations.

With inputs from WAM