On Wednesday, Abu Dhabi’s ADNOC Drilling Co. reported a third quarter 2021 net profit of 178 million dirhams ($48.4 million), up 48 percent compared with 120 million dirhams it made in the year-ago period.
Revenue for the quarter came in 11 percent higher at 571 million dirhams versus 515 million dirhams in Q3 2020, the driller, which listed in October on Abu Dhabi Securities Exchange following an initial public offering, said in a statement.
The revenue boost was largely driven by new rigs and the reactivation of rigs in 2021, it said.
For the nine-month period ended September 2021, ADNOC Drilling’s net profit was 460 million dirhams, 9 percent higher than the 422 million dirhams it made in 9M 2020.
Capital expenditure for the nine-month period rose four-fold on a year-on-year basis, to $454 million in 2021.
“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,” the company said.
Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said: “As we look to the final quarter and to 2022, we see our operations returning to normal post- pandemic and we expect to continue to make significant progress in the execution of our long-term strategy.”
He said the immediate focus will be to meet the robust financial targets the company has set which are underpinned by sustainability goals.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)