Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, reported a 30 per cent increase in third-quarter profit, supported by fleet expansion and growth of the oilfield services segment.
Net profit for the three months to the end of September rose to $334.8 million, the company said in a filing on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The company’s third-quarter revenue rose 32 per cent year-on-year to more than $1 billion. Growth was driven by the expansion of onshore and offshore fleets as well as the oilfield services segment, further bolstered by the company’s Turnwell and Enersol joint ventures, it said.
“We remain well on-track to deliver continued accelerated growth,” said Abdulrahman Al Seiari, chief executive of Adnoc Drilling.
Adnoc Drilling has been strengthening its fast-growing oilfield services business as oil companies in the Middle East region increase drilling to meet production targets.
Last month, Adnoc Drilling, Schlumberger, and Patterson-UTI formed a joint venture, Turnwell Industries, which will focus on the UAE's unconventional oil and gas programme.
Post completion of the joint venture, Adnoc Drilling, through a wholly owned subsidiary, will hold a 55 per cent majority equity stake, SLB a 30 per cent equity stake and Patterson-UTI the remaining 15 per cent equity stake.
Adnoc Drilling and Alpha Dhabi Holding also launched Enersol, a tech-focused joint venture, in January. The company aims to invest $1.5 billion in technology-driven firms in the oilfield services sector by the end of next year, a senior official told The National this month.
The company said revenue from its onshore business, the largest, rose 29 per cent year-on-year in the third quarter to $487 million, mainly due to new rigs starting operations.
Meanwhile, revenue from the offshore jack-up segment increased 46 per cent to $290 million, due to higher activity from jack-ups compared to last year, as operations expanded.
Adnoc Drilling reported a 36 per cent increase in oilfield services revenue, reaching $197 million. Overall activity levels are expected to rise in the current quarter, supported by a rise in integrated drilling services rigs and growth in the unconventional business, it said.
For the first nine months of this year, the company’s net profit rose 28.5 per cent to $904.5 million, while revenue increased to $2.8 billion from $2.22 billion in the same period a year earlier.
The company also raised its profit and revenue forecasts for the full year. Adnoc Drilling raised the lower limit for its annual net profit to between $1.2 billion and $1.3 billion, compared with the earlier range of $1.15 billion to $1.3 billion.
Revenue is now expected to be between $3.8 and $3.9 billion in 2024, up from the company's previous estimate of $3.7 to $3.85 billion.
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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All Black 39-12 British & Irish Lions
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Brief scores:
Newcastle United 1
Perez 23'
Wolverhampton Rovers 2
Jota 17', Doherty 90' 4
Red cards: Yedlin 57'
Man of the Match: Diogo Jota (Wolves)
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
The Greatest Royal Rumble card as it stands
The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
UAE currency: the story behind the money in your pockets
Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
SPECS
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BRIEF SCORES
England 353 and 313-8 dec
(B Stokes 112, A Cook 88; M Morkel 3-70, K Rabada 3-85)
(J Bairstow 63, T Westley 59, J Root 50; K Maharaj 3-50)
South Africa 175 and 252
(T Bavuma 52; T Roland-Jones 5-57, J Anderson 3-25)
(D Elgar 136; M Ali 4-45, T Roland-Jones 3-72)
Result: England won by 239 runs
England lead four-match series 2-1
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
