Dubai: In its first results announced since a historic IPO, ADNOC Drilling recorded $1.7 billion in revenues for the first nine months of 2021, up an impressive 12 per cent year-on-year. The general improvement within the oil and gas industry has rubbed off on the ADNOC subsidiary, which listed on the ADX last month.
Net profit turned up with $460 million, up 9 per cent year-on-year. “As we look to the final quarter and to 2022, we see our operations returning to normal post- pandemic and we expect to continue to make significant progress in the execution of our long-term strategy," said Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling. "Our immediate focus will be to meet the robust financial targets we have set, while maintaining operational excellence for our every day activities."
Capital expenditure for the nine-month period was up four-fold year-on-year basis to $454 million in 2021. These investments will support the OFS (oil field services) expansion operations and rig acquisitions, with these new rigs expected to commence operations in 2022.
ADNOC Drilling "remains active in a number of mega-tenders in Abu Dhabi, while also pursuing the further expansion of its discrete services portfolio and increased market share in the OFS segment". If awarded, these will expand the company’s portfolio outside of the integrated drilling services (IDS) segment, with awards expected during next year.
For the July to end September phase, ADNOC Drilling had revenues of $571 million, up 11 per cent year-on-year, and EBITDA of $285 million, representing a 50 per cent margin in the quarter.
“Coming shortly after our landmark IPO, these very strong financial and operational results underpin an ambitious growth plan that is built on the quality and diligence of our people, who have worked tirelessly to achieve safe and efficient operations while at the same time growing our business," said Al Seiari.
ADNOC Drilling sits at the heart of ADNOC’s ambitious growth plans and is critical in enabling ADNOC to achieve its significant production capacity growth targets and help the UAE achieve gas self-sufficiency