ADNOC Drilling reports record $1.3 billion net profit from 2024

ADNOC Drilling has announced record financial results for the fourth quarter and full year ending December 31, 2024.

• Full-year revenue $4.03 billion, +32% year-on-year
• Full-year EBITDA $2.01 billion, +36% year-on-year, 50% margin
• Full-year net profit $1.30 billion, +26% year-on-year, 32% margin

“Our record-breaking financial performance demonstrates our constant commitment to maximizing growth and returns for our shareholders, while delivering sustainable and innovative solutions to our customers, both here in Abu Dhabi and beyond our borders,” said Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO. “Our outstanding 2024 financial results reinforce ADNOC Drilling’s position as the world’s fastest growing energy services company with net profit more than doubling since listing on ADX.

“As we remain focused on our future growth, we continue to expand our fleet and capabilities at ADNOC Drilling and through our joint ventures, Enersol and Turnwell, to continue powering the future of energy with AI-enabled technology investments, sustainability and innovation.”

Q4 2024 highlights

For the fourth quarter 2024, revenue grew 41% year-on-year to $1.19 billion, driven by increased activity and growth of onshore and offshore fleets and the expansion of oilfield services (OFS). EBITDA grew 41% year-on-year to $596 million and net profit was $399 million, growing at a pace closer to EBITDA, once excluding from Q4 2023 the positive one-off impact on D&A.

At the end of Q4 2024, the fleet consisted of 142 owned rigs. In 2024 the Company operationalized 23 rigs, including two jack-up rigs set to join in H1 2025.

Full-year 2024 highlights

ADNOC Drilling’s full-year revenue increased significantly to a record $4.034 billion, rising by 32% year-on-year. The company’s growth has been fuelled by the expansion of onshore and offshore fleets, as well as the continued growth of the oilfield services (OFS) segment.

The strong top-line performance, coupled with ADNOC’s continued and effective cost management initiatives, translated into record full-year EBITDA of $2.015 billion, up 36% year-on-year, yielding a 50% EBITDA margin. Net profit for the full-year grew by 26% year-on-year to $1.304 million.

Segmental growth

• Onshore: Revenue increased 33% year-on-year to $554 million from $416 million, mainly due to new rigs commencing operations and the contribution from the unconventional business
• Offshore Jack-up: Revenue increased 17% year-on-year to $264 million from $225 million, due to higher activity from jack-ups compared to last year, as the offshore operations expanded
• Offshore Island: Revenue increased 8% year-on-year to $56 million from $52 million, driven by increased activity
• Oilfield Services (OFS): Revenue increased 111% year-on-year to $313 million from $148 million, mainly driven by increased IDS, positive phasing related to directional drilling and pressure pumping, and revenue from the unconventional business