Energy Adnoc Drilling reports 18% increase in profits By Gavin Gibbon August 4, 2023 Creative Commons/dragonoil.com An offshore jack-up rig Adnoc Drilling has announced an 18 percent increase in net profit for the first half of the year, buoyed by an increased fleet and service expansion. The company, a subsidiary of Abu Dhabi National Oil Company (Adnoc), saw revenues grow by 13 percent to $1.4 million year on year, with profits for the six-month period hitting $446 million. Abdulrahman Abdulla Al Seiari, chief executive officer, Adnoc Drilling, described it as a “strong and growing financial performance”. Adnoc shaves five years off net zero deadline Adnoc raises bid for Covestro to $12.4bn First half EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 17 percent to $677 million, due to the uptick in revenue coupled with the delivery of cost savings, leading to an EBITDA margin of 47 percent. Half-year onshore revenues reached $701 million, while offshore jack-up operations recorded a 31 percent increase to $376 million. During the first half of 2023, Adnoc Drilling signed contracts worth over $2.4 billion, including a $2 billion offshore jack-up contract award and a $412 million integrated drilling services contract. The Abu Dhabi-listed company, the largest national driller for oil in the Middle East, also signed sale and purchase agreements for two premium offshore jack-ups and 16 newbuild hybrid power land rigs. The interim dividend for the year is expected to increase by a minimum of 5 percent over last year and is due to be distributed by the end of October.