ADNOC Drilling announces 2023 net profit of over $1 billion

ADNOC Drilling announces 2023 net profit of over $1 billion

ABU DHABI/ WAM ADNOC Drilling Company PJSC today announced its financial results for the fourth quarter and full year ending 31st December 2023. Revenue for the full year was US$3.057 billion, up 14 percent year-on-year, while EBITDA for the full year increased by 20 percent to US$1.483 billion with industry-leading EBITDA margin of 49 percent. ...

ABU DHABI/ WAM

ADNOC Drilling Company PJSC today announced its financial results for the fourth quarter and full year ending 31st December 2023.

Revenue for the full year was US$3.057 billion, up 14 percent year-on-year, while EBITDA for the full year increased by 20 percent to US$1.483 billion with industry-leading EBITDA margin of 49 percent.

ADNOC Drilling announced that the net profit for the full year increased by 29 percent year-on-year to US$1.033 billion with a margin of 34 percent.

Abdulrahman Abdulla Al Seiari, Chief Executive Officer of ADNOC Drilling, commented, “Over the past twelve months we have further demonstrated the strength of our unique business model, that directly benefits from ADNOC’s five million barrel per day capacity target, and has delivered outstanding business growth and results. Our ambitious fleet expansion strategy coupled with the accelerated growth of Oilfield Services has delivered exceptional bottom line performance, beyond the expectations