- The fourth-quarter net profitability of Adnoc Drilling, increased by 61% as revenue reached a record and the company supported its parent in increasing production capacity.
- The company reported that its net profit for the three months ending in December increased to $234M in a filing to the Abu Dhabi Securities Exchange, where its shares are traded. Revenue increased by 27% annually to $733M during the reporting year as more rigs were added to the fleet to increase operations.
- Adnoc Drilling anticipates the strong profitability momentum to continue this year, with revenue forecast for 2023 between $3B and $3.2B, a 20% annual growth. Additionally, it projects a net profit of between $850M and $1B in 2023.
Why it matters
With the help of its fleet expansion program, Adnoc Drilling quickly expanded its activities last year, increasing the number of active rigs by 16, bringing the total to 115. Additionally, it earned significant contracts last year, including three framework agreements worth $4B.
