Adnoc Drilling, the largest national drilling company in the Middle East, has announced a robust 36% rise in net profit for Q3 2023, reaching $257 million. The surge is attributed to increased rig activity, leading to a 16% rise in revenue, totaling $776 million during the same period. Revenue from onshore, offshore jack-up, offshore Island, and oilfield services businesses rose by 2%, 39%, 4%, and 41% year-on-year, respectively. The company even added four jack-up rigs in Q3, expanding its operational fleet to 134 rigs.

For the first nine months of the year, Adnoc Drilling reported a 24% YoY increase in net profit to $704 million, with revenue climbing approximately 14% to $2.23 billion. Bolstered by increased visibility on earnings and profitability, the company updated its 2023 guidance, expecting total revenue between $3 billion to $3.2 billion, EBITDA of $1.4 billion to $1.5 billion, and net profit of $900 million to $1 billion.