ADNOC Drilling expects Dh1.3bn net profit in 2024

He added that ADNOC Drilling had raised its medium-term revenue expectation to $3.85 billion for fiscal year 2024, including $1.75 billion from onshore drilling revenue, $1.1 billion from offshore drilling revenue, $250 million from the artificial islands sector and $800 million from the oilfield services sector.

ADNOC Drilling’s CFO estimated the company’s capital expenditure in 2024 at between AED 750 million and AED 950 million, with work underway to purchase drilling rigs, noting that the company has accelerated its growth plans to support ADNOC in achieving its strategic goal of increasing production capacity from 4 million to 5 million barrels per day by 2027.

He said the company’s drilling rig fleet had grown to 140 rigs by the end of the first half of this year, comprising 95 onshore rigs and 45 offshore rigs, up from 137 rigs at the end of the first quarter. He expects the fleet to reach 142 rigs by the end of this year and grow to 148 rigs by 2026, in response to growing customer demand.

He highlighted that ADNOC Drilling completed three acquisitions in the first half of this year for a total value of $550 million, while a new acquisition is expected in the United States in the second half of the year, which will increase the total value of the four acquisitions in 2024 to $750 million.