Abu Dhabi, UAE—ADNOC Drilling reported that its net profit for the first nine months of 2022 grew by 24 percent to $568 million, while revenue increased 15 percent to $1.94 billion compared to the same period last year.
Nine-month EBITDA was US$879 million for 2022, up 12 percent year-on-year, at an industry-leading EBITDA margin of 45.3 percent.
Onshore revenue for the nine-month period was $1.074 billion, up 27 percent year-on-year, largely driven by new rigs joining the fleet. The third quarter revenue was $372 million, up 33 percent year-on-year.
Offshore revenue for the nine-month period was $431 million, broadly flat versus the prior year. The third quarter revenue was $143 million and, due to planned maintenance, down nine percent year-on-year.
Offshore Island revenue for the nine-month period was $153 million, similar to 2022 and the third quarter revenue of $52 million was down 14 percent year-on-year due to a one-off claim concluded and recognised in 3Q 2021.
Oilfield Services segment performed very well in the nine-month period, with revenue of $282 million, up 22 percent year-on-year, driven by higher activity from continued expansion
