ADNOC Drilling delivers record Q1 revenue, secures $1.7b new contract – Gulf Today

ADNOC Drilling delivers record Q1 revenue, secures $1.7b new contract – Gulf Today

ADNOC Drilling’s net profit for the quarter reached $275 million, up 26 per cent year-on-year.

ADNOC Drilling Company announced record first-quarter revenue and EBITDA for the period ending 31st March 2024. ADNOC Drilling has exceeded market expectations again this quarter, the third in a row, with revenue increasing 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.

EBITDA grew 31 per cent year-on-year to $437 million, driven by strong operational performance, leading to a year-on-year EBITDA margin expansion of 49 per cent. Net profit for the quarter reached $275 million, up 26 per cent year-on-year.

Meanwhile ADNOC Drilling Company has been awarded, by ADNOC, a $1.7 billion contract to provide drilling and associated services for the recovery of unconventional energy resources. The contract will see Turnwell deliver 144 unconventional oil and gas wells.

To service the contract and explore the considerable future opportunities in unconventional resources, ADNOC Drilling has incorporated a new company, Turnwell Industries OPC.

Commenting on the results, Abdulrahman Abdulla Al Seiari, Chief Executive Officer of ADNOC Drilling, said, “Our strong first quarter performance demonstrates that we have entered a new