ADNOC Drilling takes in record $1 billion in Q3-2024 revenue

Dubai: ADNOC Drilling’s 9-month net profit weighed in with a 29% growth to $905 million as a busy contractual pipeline kept its financials buzzing. Revenues for the period were $2.8 billion, including just over $1 billion from the third quarter alone.

The $1 billion during the July-September phase set a new quarterly high.

“Key milestones, such as the positive progress of Enersol (the joint venture with Alpha Dhabi) and the successful launch of Turnwell demonstrate our ability to execute on multiple fronts,” said Abdulrahman Abdulla Al Seiari, CEO, ADNOC Drilling.

Further expansion of its onshore and offshore fleets has helped, as did the 'continued growth' of the oilfield services segment. "This momentum has been further bolstered by the initial contributions from the Turnwell (with SLB and Patterson-UTI as partners) and Enersol joint ventures," the company added.

By end of September, the fleet consisted of 140 owned rigs - including four lease-to-own land rigs. In 2024, the company operationalized 21 rigs, including reactivations, with two more jack-up rigs scheduled to join the fleet this quarter.

In July, ADNOC Drilling was awarded a $733 million contract for 3 new 'AI-enabled' island rigs, to support the operations at the offshore Zakum field in Abu Dhabi. This follows 'existing agreements with revenue underpinned by long-term contract durations and guaranteed returns'. The delivery of rigs and the launch of operations is expected in 2026.

H1-24 dividend

It was in late August that the H1-24 interim dividend of $394 million (or around 9.05 fils per share) was paid out to shareholders.