Abu Dhabi’s ADNOC Drilling 2021 net profit up by 6.1 percent

Abu Dhabi’s ADNOC Drilling reported on Friday a rise of 6.1 percent in 2021 net profit, with revenues boosted by its onshore and oilfield services businesses.

Net profit for 2021 was $603.9 million, up from $569 million in the year-earlier period.

Revenues increased to $2.27 billion in 2021 from $2.10 billion in 2020.

In a regulatory filing, the company said the revenue increase was fuelled by additional drilling services to Abu Dhabi state oil giant Abu Dhabi National Oil Company (ADNOC) and its onshore and offshore units.

ADNOC Drilling said its onshore segment was the biggest driver of revenue growth as it supports state oil giant ADNOC Group’s program to significantly grow its output capacity.

Chief financial officer Alexander Urquhart said the company is looking at international expansion with a focus on the Gulf market and specifically Saudi Arabia.

“We had a good conversation with investors during the IPO and plans are progressing and I think at some point there will be a more formal update in that space,” he said.

ADNOC Drilling listed on the Abu Dhabi bourse in October last year after ADNOC, its majority shareholder, raised $1.1 billion from investors through a public share-sale.

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