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Adnoc Drilling Q3 profit rises 30% to $335m

Adnoc Drilling owns 140 rigs, which should increase to 142 by the end of the year Arvind Vallabh/Unsplash
Adnoc Drilling owns 140 rigs, which should increase to 142 by the end of the year

Adnoc Drilling’s net profit rose 30 percent year on year to $335 million in the third quarter of 2024, beating market expectations.

Quarterly revenue at the company, listed on the Abu Dhabi stock exchange, jumped 32 percent annually to more than $1 billion.

This was driven by the expansion of onshore and offshore fleets, as well as the continued growth of the oilfield services (OFS) segment.

This momentum was further bolstered by the initial contributions from the Turnwell and the Enersol joint ventures.

Net profit grew 29 percent year on year to $905 million in the nine-month period. Revenue rose 28 percent annually to $2.85 billion, thanks to increased activity and the expansion of OFS.

At the end of the third quarter, the fleet comprised 140 owned rigs, including four lease-to-own land rigs. The company expects the owned fleet to be 142 by the end of the year.