Gulf’s largest national oil driller sees third quarter profit rise 24%

WAM

ADNOC Drilling, the largest national driller for oil in the Middle East, has posted an industry-leading EBITDA of 45.3 percent in its third quarter financial results.

The firm, which celebrated its first anniversary since listing on the emirate’s ADX exchange last month, saw its net profit for the nine-month period rise 24 percent to $568 million.

Revenue increased 15 percent to $1.94 billion compared to the same period last year. 

Nine-month EBITDA was $879 million for 2022, up 12 percent year-on-year.

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Third quarter revenue grew 17 percent year-on-year to $671 million, driven primarily by the Onshore and OFS segments. Third quarter EBITDA increased by five percent year-on-year to $299 million for the period. Net profit for the third quarter grew by six percent year-on-year to $189 million.

ADNOC Drilling is a subsidiary of the Abu Dhabi state oil firm ADNOC. Its CEO Abdulrahman Abdullah Al Seiari said: “Our accelerating rig fleet expansion programme is already paying off as new rigs commence operations.

“A significant number of additional rigs are scheduled to come on stream in the fourth quarter, further boosting our financial and operating performance as we head towards 2023 and continued shareholder value creation.

ADNOC Drilling’s listing in October last year was the largest in the history of the ADX exchange, and was 31 times oversubscribed. Since then, it has delivered a total shareholder return of 53.7 percent  as at 30 September 2022.  

Al Seiari concluded: “We are proud of the value we have created for shareholders, with our progressive dividend policy having distributed $666.25 million to investors since listing. 

“At the same time, we have added more than $13 billion of contract backlog, achieved strong top- and bottom-line growth, and expanded our owned rig fleet from 95 to 108.”