ADNOC Drilling Plans to Expand Fleet by 27 Rigs by 2024
ADNOC Drilling plans to expand its drilling fleet by 27 rigs by 2024 to support Abu Dhabi National Oil Co.'s production targets.
The company aims to generate revenue of $3-3.2 billion in 2023, up from $716 million in the first quarter, with EBITDA expected to be between $1.35 and $1.5 billion and net income between $850 million and $1 billion.
The CEO credits the rise in revenue to ADNOC's accelerated production capacity growth, which has led to an increase in drilling activity.
The company's OFS business has also grown significantly, with a 43% increase in revenue in the first quarter of 2023.
ADNOC Drilling has a strong order book and is well-positioned to benefit from the growth prospects of the drilling industry in the UAE.
ADNOC Drilling is using hybrid-powered drilling rigs that can reduce emissions by up to 15% and is connecting these rigs to the grid when infrastructure allows.
Additionally, the company is supporting local manufacturing and procuring equipment and services from within the UAE to decarbonize its supply chain.
The CEO credits the rise in revenue to ADNOC's accelerated production capacity growth, which has led to an increase in drilling activity.
The company's OFS business has also grown significantly, with a 43% increase in revenue in the first quarter of 2023.
ADNOC Drilling has a strong order book and is well-positioned to benefit from the growth prospects of the drilling industry in the UAE.
ADNOC Drilling is using hybrid-powered drilling rigs that can reduce emissions by up to 15% and is connecting these rigs to the grid when infrastructure allows.
Additionally, the company is supporting local manufacturing and procuring equipment and services from within the UAE to decarbonize its supply chain.
