ADNOC Drilling reports over $1 billion in Q3-24 revenue
Strong fleet expansion, new joint ventures, and cost management initiatives fuel ADNOC Drilling’s stellar financial performance in Q3 2024, with EBITDA up 34% year-on-year

ADNOC Drilling reported record Q3 2024 revenue over $1 billion, fueled by fleet expansion and strong profit growth.
WAM
ADNOC Drilling Company announced a landmark financial performance for the third quarter of 2024, posting record revenue and profit figures driven by substantial fleet expansion and strategic growth initiatives. The company reported third-quarter revenue of $1.026 billion, marking an impressive 32% increase year-on-year, according to WAM
The surge in revenue is attributed to ADNOC Drilling’s rapid expansion of onshore and offshore fleets, alongside significant growth in its oilfield services (OFS) segment. Strategic joint ventures with Turnwell and Enersol also played a key role in bolstering the company's financial performance.
This quarter's earnings were further strengthened by ongoing cost management measures, helping ADNOC Drilling achieve a record EBITDA of $510 million—a 34% year-on-year increase and a robust 50% EBITDA margin. Net profit for the quarter rose 30% year-on-year, reaching $335 million.
Across the first nine months of 2024, ADNOC Drilling maintained its momentum, with revenues climbing to $2.85 billion, a 28% increase over the same period in 2023. This growth was underpinned by a 34% rise in EBITDA to $1.42 billion and a 29% jump in net profit to $905 million.
By the end of Q3, ADNOC Drilling’s fleet comprised 140 owned rigs, including four lease-to-own land rigs. The company has brought 21 rigs online this year through both new additions and reactivations. An additional two jack-up rigs are slated to join the fleet by year-end, bringing the total to 142 rigs.
Reflecting on the company’s achievements, ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari commented, “ADNOC Drilling has once again delivered record-breaking quarterly results, driven by our commitment to strong, sustained strategic growth. This exceptional performance, alongside our pursuit of operational excellence, is reshaping our earnings potential. Key milestones, such as the positive progress of Enersol and the successful launch of Turnwell, demonstrate our ability to execute on multiple fronts.”
He emphasized that ADNOC Drilling’s commitment to efficiency and expansion is bolstered by the dedication of its team, whose efforts ensure high-quality service for its clients.
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