ADNOC Drilling Soars to New Heights in First Quarter

ADNOC Drilling Soars to New Heights in First Quarter

Arabian Post -ADNOC Drilling Company, a leading oil and gas drilling services provider, continues its impressive performance streak, achieving record first-quarter revenue and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the period ending March 31, 2024. This stellar performance marks the third consecutive quarter where the company has surpassed market expectations. Revenue surged to a staggering $886 million, reflecting a robust 24% year-on-year growth. This upswing can […]

via ADNOC Drilling Soars to New Heights in First QuarterArabian Post -

ADNOC Drilling Company, a leading oil and gas drilling services provider, continues its impressive performance streak, achieving record first-quarter revenue and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the period ending March 31, 2024. This stellar performance marks the third consecutive quarter where the company has surpassed market expectations.

Revenue surged to a staggering $886 million, reflecting a robust 24% year-on-year growth. This upswing can be attributed primarily to the strong showing of the Offshore Jack-up and Oilfield Services (OFS) segments, which witnessed a respective increase of 51% and 16% compared to the same period in 2023.

ADNOC Drilling’s financial prowess extends beyond revenue generation. EBITDA, a key measure of a company’s operational profitability, also reached a record