Oil & Gas Adnoc Drilling revenue surges with fleet expansion By Pramod Kumar August 5, 2024, 6:20 AM Adnoc Drilling Adnoc Drilling's first-half revenue increased to more than $1.8bn due to the expansion of operations across all business segments Adnoc Drilling, listed on the Abu Dhabi stock exchange, reported record revenue of $935 million for the second quarter of 2024. The 29 percent year-on-year increase was thanks to fleet expansion and oilfield services. Net profit for the quarter rose 29 percent annually to $295 million, while profit for the first half of the year reached $570 million, an annual increase of 28 percent. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI delivered straight to your inbox every week First-half revenue increased to more than $1.8 billion, surging 26 percent annually due to the expansion of operations across all business segments. At the end of the second quarter, the company’s fleet consisted of 140 rigs – 136 owned and four lease-to-own land rigs – compared to 137 at the end of the first quarter. Adnoc Drilling bags $733m rigs contract for Zakum field Adnoc Drilling successfully floats further stake Adnoc Drilling first quarter profit rises 26% Additionally, Adnoc Drilling was pre-qualified by state-backed Kuwait Oil Company in its contractors list, which supports the company’s ambitions to expand its drilling and oilfield services activities internationally. The company has approved an interim dividend of $394 million, a 10 percent year-on-year increase. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
