Adnoc Drilling, a key unit of Abu Dhabi National Oil Company (Adnoc) has achieved a net profit of about $570 million during the first half of 2024, while it is expected to record around $730 million in the second half, reported Wam.

 

This growth was mainly due to the significant expansion across all of the company's operations and the full operational impact of the onshore and offshore rigs that were brought online during the previous period, stated the report, citing a top official.

 

The company is likely to achieve net profits between $1.15 billion and $1.3 billion by the end of 2024, said Youssef Salem, the Chief Financial Officer of Adnoc Drilling, in his annual forecast.

 

Adnoc Drilling has raised its medium-term revenue expectations to $3.85 billion for the fiscal year 2024, including $1.75 billion in onshore drilling revenues, $1.1 billion in offshore drilling revenues, $250 million in revenues from the artificial islands sector, and $800 million from the oilfield services sector.

 

According to him, the company’s capital expenditures for 2024 are expected to range between AED750 million and AED950 million, with ongoing rig acquisitions.

 

The company, he stated, 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.

 

Adnoc Drilling completed three acquisitions in the first half of this year, totaling $550 million, while a new acquisition is expected to be made in the US during the second half, bringing the total value of the four acquisitions in 2024 to $750 million.

 

The company’s rig fleet expanded 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. 

 

The fleet is set to reach 142 rigs by the year-end and to grow further to 148 rigs by 2026, in response to increasing customer demand, he added.