ADNOC Drilling’s net profit for the nine-month period from January to September 2022 grew significantly, by 24% to $568 million, while revenue increased to $1.94 billion compared to the same period last year.
The company, which is a subsidiary of state-owned ADNOC, has accelerated its rig fleet expansion program during the course of 2022, and in the third quarter, signed two sale and purchase agreements to acquire a further three premium jack-up drilling units for $210 million.
ADNOC Drilling was ranked one of the top service companies in Oil & Gas Middle East’s Top 25 OFS firms list that was released last month.
In September 2022, ADNOC drilling acquired two premium offshore jack-up rigs for $140 million to meet ADNOC’s plan to raise and sustain production capacity. With the addition of these two premium jack-up rigs, the company said it owns one of the largest operating fleets of offshore jack-up rigs in the world and has plans for further fleet growth.
Â
Year-on-year revenue growth was led by the onshore segment, with ADNOC Drilling positioned as a key enabler of ADNOC’s ambitious program to significantly boost production capacity. The company’s OFS segment equally achieved very strong year-on-year gains.Â
Last month, ADNOC Drilling celebrated one year since its listing on the Abu Dhabi Securities Exchange (ADX). At the time, the IPO was the largest listing in the history of the exchange and was 31 times oversubscribed. Since the listing, ADNOC Drilling has delivered a total shareholder return of 53.7% as of 30 September 2022.
