Adnoc Drilling Q3 profit rises 36%

Adnoc Drilling

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.

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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.