UAE’s ADNOC Drilling Company has reported an increase of 12% in revenue in the first three quarters of 2021 when compared with the figures reported for the corresponding period last year. The company reported EBITDA (Earning Before Interest, Taxes, Depreciation and Amortization) of $785m, and net profit of $460m for the aforementioned period. The company reported revenue figures of $571m in its 3^rd quarter, up by 11% year-on-year, and reported EBITDA of $285m with a 50% margin in the aforementioned quarter.

The onshore revenue was $847m, up by 10% when compared with the figures reported for the first three quarters of 2020, driven by new rigs as well as reactivation of rigs in the year 2021. The company reported revenue of $279m in the 3^rd quarter of 2021, up by 9% year-on-year.

Offshore jackup revenue increased to $450m during the first three quarters of 2021 (First three quarters of 2020: $443m). The revenue for the 3^rd quarter of 2021 was $157m, down by 2% year-on-year.

The revenue figures for offshore Island increased by 11% to $166m for the three-quarter period of 2021 when compared with the corresponding period last year. The revenue for the offshore island for the 3^rd quarter of 2021 was $61m, increased by 45% year-on-year.

The revenue for Oilfield Services (OFS) for the three-quarter period increased to $231m, up by 50% year-on-year. The revenue figure for the 3^rd quarter of 2021 was $74m, increased by 32% year-on-year.

The company’s EBITDA for the three-quarter period was $785m, increased by 11% year-on-year.

The company’s capital expenditure for the three-quarter period increased to $454m in 2021, four times on a year-on-year basis. These investments will help the company with regards to expansion of its operations.

The UAE Minister of Industry and Advanced Technology, Dr. Sultan Ahmed Al Jaber, who is also the managing director and group CEO of ADNOC as well as the chairman of ADNOC Drilling, said that with the revenue growth in double digits reflects that ADNOC Drilling has displayed extraordinary financial results. These exceptional results follow the drilling company’s record Abu Dhabi Securities Exchange (ADX) listing in October 2021.

On 3^rd October 2021, ADNOC listed its Drilling Company on ADX. The IPO raised over $1.1bn, making it the largest ADX listing to date. It listed 11 per cent of its shares for trading on the exchange.