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ABU DHABI/WAM
ADNOC Drilling Company on Wednesday 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.
The company said that 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 $1.42 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, said, “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. Key milestones, such as the positive progress of Enersol and the successful launch of Turnwell, demonstrate our ability to execute on multiple fronts.
Our results reflect a committed focus on efficiency and expansion, thanks to the dedication of our team whose efforts ensure we consistently provide exceptional service to our customers.”