ADNOC Drilling delivered record revenue of AED 9.95 billion in the first half of the year, the company said in a statement. The figure marks a 9 percent increase compared with the same period in 2023 when revenue stood at AED 9.13 billion. Net profit for the period reached AED 2.04 billion, reflecting a 4 percent rise year on year. The strong results reflect sustained demand for drilling services tied to national energy production targets.
The statement placed EBITDA at AED 4.12 billion for the first six months, a 7 percent improvement from the prior year. Rig fleet utilization averaged 99 percent during the period across both onshore and offshore operations. These metrics underscore the efficiency with which ADNOC Drilling has managed its resources amid regional energy sector growth.
According to the release, the company has increased its rig fleet to 122 units through the addition of newbuild rigs that entered service during the period. It secured multiple long-term drilling contracts with ADNOC Upstream and other operators in the first half. The contracts provide greater visibility into future revenues extending through the end of the decade. ADNOC Drilling continues to prioritize safety and sustainability in all its activities.
The company reported a healthy financial position in the announcement, with strong cash flows supporting its growth initiatives and capital expenditures. Low net leverage allows flexibility for potential investments and shareholder returns. Such stability positions ADNOC Drilling favorably against sector peers facing similar market conditions.
Data from the International Energy Agency shows that oil demand in the Middle East is expected to rise steadily over the coming years as economies diversify. OPEC figures indicate that the UAE is ramping up its production capacity to meet both local needs and export commitments. This trend has translated into sustained opportunities for drilling contractors like ADNOC Drilling operating in the region.
In the statement, ADNOC Drilling said it remains confident in achieving its full-year targets for revenue and profitability. The company will continue to focus on operational excellence while exploring new technologies for efficiency gains. Management is also committed to contributing to the UAE’s broader energy strategy through expanded drilling capabilities.
