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Adnoc Drilling reports 18% increase in profits

An offshore jack-up rig 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”.

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.

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