ADNOC Drilling Co today reported record breaking net profits totaling $802 million, up 33% year-on-year. Additionally, the company secured over $10 billion of contract backlog during the period, ADNOC Drilling’s CEO Abdulrahman Abdulla Al Seiari noted.
The company also achieved record revenue during the fourth quarter of 2022, while its fleet expansion program delivered the highest-ever number of operational rigs – advancing growth and further expansion in 2023 and beyond. The company’s accelerated rig acquisition program added 16 new drilling units in 2022, establishing one of the world’s largest drilling and well completion fleets consisting of 115 rigs.
In November 2022, ADNOC Drilling was awarded three framework agreements valued at $4 billion. It also secured a $980 million contract from ADNOC to hire two jack-up offshore rigs, associated manpower and equipment.
Last year, the company was also awarded two contracts worth $1.5 billion and $1.9 billion by ADNOC Offshore to boost production capacity.
It also secured two contracts worth $2 billion linked to ADNOC’s Hail and Ghasha development project in July 2022.
Al Seiari, ADNOC Drilling chief, commented: “I am proud of the outstanding results that ADNOC Drilling has delivered over the past 12 months. In addition to record net profit of $802 million for the year, I am particularly pleased with the over $10 billion of contract backlog we were awarded in the year by our long-term, highly supportive customers.”
