ADNOC Drilling, the subsidiary of Abu Dhabi's state oil giant, reported a 24% rise in first-quarter profit on Thursday, driven by strong growth in its oilfield services segment…
ADNOC Drilling, the subsidiary of Abu Dhabi's state oil giant, reported a 24% rise in first-quarter profit on Thursday, driven by strong growth in its oilfield services segment.
ADNOC Drilling's net profit rose to $341 million in the quarter ended March, up from $275 million in the same period last year. Revenue rose nearly a third to $1.17 billion.
Oilfield services' revenue rose 134% to $342 million, mainly driven by increased activity in unconventional and integrated drilling services.
The company's board also approved quarterly dividend payments instead of semi-annually, with the first payment of $217 million for the first quarter of 2025 expected to be distributed on May 28. That amount will be a floor for subsequent quarterly payments in 2025.
"Despite recent volatility in global markets, the Company's previously announced full year 2025 and medium-term guidance remains unchanged and is further supported by recent contract awards," ADNOC Drilling said.
The company projects 2025 net profit between $1.35 and $1.45 billion and revenue of $4.6 billion to $4.8 billion. Recent contract awards include a $1.63 billion five-year integrated drilling services contract and an $806 million contract for three newbuild island rigs, both from ADNOC Offshore.
ADNOC Drilling's joint ventures, Enersol and
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