ADNOC Drilling Records Over $1 Billion Revenue in Third Quarter.


ABU DHABI: ADNOC Drilling Company today announced record financial results for the third quarter and first nine months of 2024. The company’s third-quarter revenue increased significantly to $1.026 billion, rising by 32% year-on-year.

According to Emirates News Agency, the remarkable growth has been fueled by the expansion of onshore and offshore fleets and the continued growth of the oilfield services (OFS) segment. This momentum has been further bolstered by the initial contributions from the Turnwell and the Enersol joint ventures.

The strong top-line performance, coupled with the company’s continued and effective cost management initiatives, translated into a record EBITDA of $510 million in the third quarter, up 34% year-on-year, yielding a 50% EBITDA margin. Net profit for the quarter grew by 30% year-on-year to $335 million.

For the nine-month period, revenue grew 28% year-on-year to $2.85 billion, driven by increased activity and the expansion of OFS. Meanwhile, EBITDA grew 34% year-on-year to $1.4
2 billion, and net profit grew 29% year-on-year to $905 million.

At the end of the third quarter, the fleet consisted of 140 owned rigs, including four lease-to-own land rigs. In 2024, the company has operationalised 21 rigs, including reactivations, with a further two jack-up rigs scheduled to join the fleet in the fourth quarter. The company expects the owned fleet to be 142 by year-end.

Commenting on the results, Abdulrahman Abdulla Al Seiari, Chief Executive Officer of ADNOC Drilling, stated that ADNOC Drilling has once again delivered record-breaking quarterly results, driven by their commitment to strong, sustained strategic growth. He emphasized that this exceptional performance, alongside their pursuit of operational excellence, is reshaping their earnings potential. Key milestones, such as the positive progress of Enersol and the successful launch of Turnwell, demonstrate their ability to execute on multiple fronts. The results reflect a committed focus on efficiency and expansion, thanks to the de
dication of their team whose efforts ensure they consistently provide exceptional service to their customers.

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