Adnoc Drilling posts record Q1 revenue

Adnoc Drilling Company on Monday announced that first quarter revenue increased to $886 million, up 24 per cent year- on-year.

The offshore jack-up and oilfield services (OFS) segments drove revenue growth, increasing 51 per cent and 16 per cent respectively year-on-year. Earnings before interest, taxes, depreciation and amortisation (Ebitda) grew 31 per cent yearon-year to $437 million, driven by strong operational performance, leading to a year-onyear Ebitda margin expansion of 49 per cent. Net profit for the quarter reached $275 million, up 26 per cent year-on-year.

Abdulrahman Abdulla Al Seiari, chief executive officer of Adnoc Drilling, said: “Our strong first quarter performance demonstrates that we have entered a new era for the company as we go from strength-to-strength, delivering on and beyond the expectations of the market, our customers and our shareholders.”

The board of directors has recommended a new, progressive dividend policy with dividends expected to grow by at least 10 per cent per annum on a dividend per share basis over the next five years (2024-2028).

At the end of the first quarter of 2024, Adnoc Drilling’s fleet comprised 137 rigs, 133 owned plus four lease-to-own land rigs, an increase of 22 rigs year-onyear. Thirteen of the rigs included in the rig count are hybridpowered land rigs that utilise battery storage to improve power delivery and reduce emissions by up to 15 per cent per rig.

An additional three hybrid land rigs are expected to enter the fleet this year.