ADNOC Drilling has reported record financial results for 2024, with net profits rising by 26% year-on-year to US$1.3bn, and revenue growing by 32% to US$4.03bn
This strong growth has been fuelled by the expansion of onshore and offshore fleets, as well as the continued growth of the oilfield services (OFS) segment, reflected in strong revenue growth of 41% year-on-year for the fourth quarter 2024. At the end of Q4 2024, the fleet consisted of 142 owned rigs. In 2024 the company operationalised 23 rigs, including two jack-up rigs set to join in H1 2025.
Onshore revenue increased 33% year-on-year to US$554mn, mainly due to new rigs starting operations and growth of the unconventional business. Offshore jack-up revenue increased 17% year-on-year to US$264mn, with the expansion of the offshore operations. Offshore island revenue increased 8% year-on-year to US$56mn, and oilfield services (OFS) revenue increased 111% year-on-year to US$313mn, mainly driven by increased integrated drilling services (IDS), positive phasing related to directional drilling and pressure pumping, and revenue from the unconventional business.
New joint ventures
ADNOC Drilling’s new joint ventures launched in 2024 are also fuelling the company’s growth. SLB, ADNOC Drilling Company and Patterson-UTI joined forces to create Turnwell Industries LLC OPC, the unconventional arm of ADNOC Drilling, which will leverage innovations in AI, smart drilling design, completions engineering and production solutions to accelerate the UAE’s unconventional oil and gas programme. Abu Dhabi holds an estimated 220bn barrels of unconventional oil and 460 TCF of unconventional gas in place. While Enersol Energy Solutions, its joint venture with Alpha Dhabi Holding, was set up as a tech-centric investment platform, to invest in innovative oilfield services companies and thereby accelerate the recovery of UAE conventional and unconventional energy resources.
Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said, “Our outstanding 2024 financial results reinforce ADNOC Drilling’s position as the world’s fastest growing energy services company with net profit more than doubling since listing on ADX.
“As we remain focused on our future growth, we continue to expand our fleet and capabilities at ADNOC Drilling and through our joint ventures, Enersol and Turnwell, to continue powering the future of energy with AI-enabled technology investments, sustainability and innovation.”
ADNOC Drilling’s positive results follow positive results from other ADNOC divisions including ADNOC Gas and ADNOC L&S.
ADNOC Drilling reports record growth and profits
Abdulrahman Abdulla Al Seiari, CEO, ADNOC Drilling. (Image source: ADNOC Drilling)
