Skip to content Skip to Search
Skip navigation

Adnoc Drilling Q3 profit rises 36%

Adnoc Drilling
Revenue rose 16% year on year to $776 million due to new rigs entering the operational fleet

Adnoc Drilling reported a 36 percent rise in net profit for the third quarter of 2023, driven by strong top-line growth and effective cost-management initiatives.

Adnoc Drilling is the drilling arm of the Abu Dhabi state oil company Adnoc.

Net earnings for the period reached $257 million (AED943.96 million) in the quarter ended September 2023, compared to $189 million a year earlier.

Revenue rose 16 percent year on year to $776 million as a result of new rigs entering the operational fleet.

Profit grew 24 percent year on year to $704 million in the first nine months of 2023. Revenue rose 14 percent annually to $2.2 billion, supported by increased activity and the expansion of oilfield services.

The company now has a total fleet of 134 operational rigs.

Adnoc Drilling expects total revenue of up to $3.2 billion for 2023, with net profit of $900 million to $1 billion (previously $850 million-$1 billion).

The company expects capital expenditure to be around $1.3 billion for 2023, compared to the earlier estimates of $1.3-$1.75 billion.

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]