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Adnoc Drilling revenue surges with fleet expansion

By Pramod Kumar
Adnoc Drilling's first-half revenue increased to more than $1.8bn due to the expansion of operations across all business segments 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.

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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.

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.  

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