ADNOC Drilling has introduced file monetary outcomes for the fourth quarter and full 12 months ending December 31, 2024.
- Full-year income $4.03 billion, +32% year-on-year
- Full-year EBITDA $2.01 billion, +36% year-on-year, 50% margin
- Full-year web revenue $1.30 billion, +26% year-on-year, 32% margin
“Our record-breaking monetary efficiency demonstrates our fixed dedication to maximizing development and returns for our shareholders, whereas delivering sustainable and revolutionary options to our prospects, each right here in Abu Dhabi and past our borders,” stated Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO. “Our excellent 2024 monetary outcomes reinforce ADNOC Drilling’s place because the world’s quickest rising vitality companies firm with web revenue greater than doubling since itemizing on ADX.
“As we stay centered on our future development, we proceed to broaden our fleet and capabilities at ADNOC Drilling and thru our joint ventures, Enersol and Turnwell, to proceed powering the way forward for vitality with AI-enabled expertise investments, sustainability and innovation.”
This fall 2024 highlights
For the fourth quarter 2024, income grew 41% year-on-year to $1.19 billion, pushed by elevated exercise and development of onshore and offshore fleets and the enlargement of oilfield companies (OFS). EBITDA grew 41% year-on-year to $596 million and web revenue was $399 million, rising at a tempo nearer to EBITDA, as soon as excluding from This fall 2023 the optimistic one-off impression on D&A.
On the finish of This fall 2024, the fleet consisted of 142 owned rigs. In 2024 the Firm operationalized 23 rigs, together with two jack-up rigs set to affix in H1 2025.
Full-year 2024 highlights
ADNOC Drilling’s full-year income elevated considerably to a file $4.034 billion, rising by 32% year-on-year. The corporate’s development has been fuelled by the enlargement of onshore and offshore fleets, in addition to the continued development of the oilfield companies (OFS) phase.
The sturdy top-line efficiency, coupled with ADNOC’s continued and efficient price administration initiatives, translated into file full-year EBITDA of $2.015 billion, up 36% year-on-year, yielding a 50% EBITDA margin. Web revenue for the full-year grew by 26% year-on-year to $1.304 million.
Segmental development
- Onshore: Income elevated 33% year-on-year to $554 million from $416 million, primarily because of new rigs commencing operations and the contribution from the unconventional enterprise
- Offshore Jack-up: Income elevated 17% year-on-year to $264 million from $225 million, because of increased exercise from jack-ups in comparison with final 12 months, because the offshore operations expanded
- Offshore Island: Income elevated 8% year-on-year to $56 million from $52 million, pushed by elevated exercise
- Oilfield Companies (OFS): Income elevated 111% year-on-year to $313 million from $148 million, primarily pushed by elevated IDS, optimistic phasing associated to directional drilling and stress pumping, and income from the unconventional enterprise
