Adnoc Drilling’s first-quarter net income surges 59% on revenue growth – The National

Adnoc Drilling’s first-quarter net income surges 59% on revenue growth – The National

Abu Dhabi’s National Oil Company’s drilling subsidiary, Adnoc Drilling, reported a more than 59 per cent jump in its first quarter net income as its fleet grew and revenue climbed on the back of strong performance from all business segments.

Net profit for the three-month period to the end of March rose to $175 million, Adnoc Drilling said in a bourse filing on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue for the reporting period rose almost 15 per cent to $601m as the company continued to support Adnoc’s efforts to boost its production capacity.