ADNOC Drilling Company has announced that it has achieved strong results during the first nine months of 2021, after recording revenues worth $1.7 billion which increased by 12% year on year (YoY).

Additionally, the company achieved earnings before interest, taxes, depreciation and amortization (EBITDA) of $785 million, exceeding expectations with a margin of 46% and net profit of $460 million.

As per the results of Q3, Adnoc Drilling achieved revenues of $571 million, increasing by 11% compared to the same quarter last year in addition to EBITDA worth $285 million.

The statement elaborated that these results reflect the Adnoc Drilling’s commitment to achieve efficiency throughout its businesses. These investments will support the ambitious growth of the Company’s OFS expansion operations and rig acquisitions, with these new rigs expected to commence operations in 2022.

Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, and Chairman of ADNOC Drilling, said, “With double-digit revenue growth, ADNOC Drilling has demonstrated exceptional financial performance and commercial resilience, reflected in a very robust third-quarter. These impressive results follow ADNOC Drilling’s record ADX listing in early October, and were well above market forecasts.

“ADNOC Drilling sits at the heart of ADNOC’s ambitious growth plans  and is critical in enabling ADNOC to achieve its significant production capacity growth targets and help the UAE achieve gas self-sufficiency.”

For his part, ADNOC Drilling CEO Abdulrahman Abdullah Al Seiari said, “Coming shortly after our landmark initial public offering (IPO) , these very strong financial and operational results underpin an ambitious growth plan that is built on the quality and diligence of our people, who have worked tirelessly to achieve safe and efficient operations while at the same time growing our business.”