ADNOC Drilling continues on strong growth trajectory

ADNOC Drilling recorded strong growth in revenue and profits in the first quarter of 2025, building on its growth trajectory

The company reported a 32% increase in year-on-year in revenue to US$1.17bn and a 24% rise year-on-year in profits to US$341mn. It follows record growth and financial results in 2024.

The first quarter results were on the back of particularly strong growth in revenues in oilfield services, where revenue increased 134% year-on-year to US$342mn, mainly driven by the unconventional business, along with increased integrated drilling services (IDS) activity. Onshore revenue increased 20% year-on-year to US$494mn. While offshore revenue increase 2% year-on=year to US$334mn, mainly due to higher activity island rigs. This is set to continue with the recent award of US$806mn long-term contract for three newbuild island rigs by ADNOC Offshore to support expanding operations at the offshore Zakum development project.

Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said: “The first quarter of 2025... has demonstrated our financial resilience and laid the foundation for another year of significant growth. We are progressing at pace on our strategic priorities, expanding our rig fleet, scaling our oilfield services offering and advancing our AI and digital capabilities.

“With a robust revenue pipeline, sustained demand, growing international interest and unparalleled visibility of future earnings, ADNOC Drilling is well positioned to deliver sustainable growth and value for our shareholders.”

ADNOC Drilling is now expanding its footprint beyond the UAE, through pre-qualification and ongoing tenders in Oman and Kuwait, and continues to focus on innovation through its joint ventures with Enersol, ADNOC Drilling’s advanced energy technology platform, and Turnwell, ADNOC Drilling’s joint venture with SLB and Patterson UTI. The latter has delivered a step-change in UAE unconventional energy development, achieving a significant reduction in well delivery times through the deployment of advanced AI and digital tools. Turnwell has helped ADNOC with the production and treatment of the nation’s first unconventional gas from the Ruwais Diyab Concession, located 200 km from Abu Dhabi.