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ADNOC Drilling's Q3 Profit Rises Almost 50%

November 10, 2021

File photo: ADNOC Drilling
File photo: ADNOC Drilling

ADNOC Drilling posted a rise of almost 50% in third-quarter profit on Wednesday, driven by new rigs and reactivation of others this year, in addition to an increase in oilfield services.

The unit of Abu Dhabi National Oil Company, which went public last month, made a profit of $178.4 million in the three months ending Sept. 30, up from $119.5 in the corresponding period a year ago, it said in a statement.

ADNOC Drilling, the largest national drilling company in the Middle East by rig fleet size, had 107 rigs by June 30, 96 owned and 11 rented. 

(Reporting by Hadeel Al Sayegh; Editing by Clarence Fernandez and Shailesh Kuber)



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