Adnoc Drilling's nine-month profit rises to $1.07bn as revenue hits record

Adnoc Drilling, the largest driller by rig count in the Middle East, announced a slight rise in its nine-month profit to $1.07 billion, with revenue reaching a record high of $3.7 billion for the same period. The company's earnings per share grew by 2% to $1.66 billion, driven by increased contributions from its onshore and offshore drilling divisions and the consolidation of regional operations.

Adnoc Drilling's chief executive, Abdulla Al Messabi, attributed the positive performance to the robustness of their contracted revenue base and successful implementation of their growth strategy. The company has also introduced a new "Drill-to-Operate" strategy, which aims to generate more revenue per well and expand its presence in regional energy markets.

This strategy is part of the broader vision to establish a diversified energy services business, backed by advanced technologies and regional expansion. Adnoc Drilling is a key player in the UAE's plans to achieve an independent production strategy of 5 million barrels of crude oil per day by 2027. The company has secured a $365 million contract for the Umm Shaif gas cap project in Abu Dhabi, which is set to further boost its drilling opportunities.

Adnoc Drilling's dividend policy remains progressive, with a $350 million third-quarter payout, including an additional discretionary dividend. The company expects to maintain its revenue and profit guidance for the full year, with free cash flow projected to range between $1.2 billion and $1.3 billion.