ADNOC Drilling Wins $1.6 Billion Contract for Drilling Services
ADNOC Drilling, which is part of the government-owned Abu Dhabi National Oil Company (ADNOC), has won a five-year contract worth $1.63 billion from ADNOC Offshore to provide full drilling services.
Drilling Services Contract
This new contract strengthens ADNOC Drilling’s role within the ADNOC Group and shows that it is one of the leading energy service providers in the region. It also supports the company’s plans to grow its fleet, services, and capabilities.
“This five-year contract shows the strength of our long-term business model. It gives us stable income during the contract period,” said Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling.
“It also supports our careful plan to build a strong business that can generate steady cash and give good returns to shareholders,” he added.
The contract covers services like directional drilling, drilling fluids, cementing, wireline logging, and running pipes. It also includes expert engineering and technical support to help with complex offshore drilling projects.
“ADNOC Drilling plays a big role in helping us meet the world’s growing energy demand in a responsible way,” said Tayba Al Hashemi, CEO of ADNOC Offshore.
“This contract gives us access to their advanced services, which will boost efficiency and add value for our shareholders and the UAE,” she said.
The deal also shows ADNOC Drilling’s ongoing focus on high performance, new technologies, and using artificial intelligence. It proves the company can deliver full-service, high-quality solutions to its clients.
The contract helps expand the Oilfield Services division. Its expected financial benefits are already included in the company’s 2025 and 2026 plans, showing strong business planning and financial stability.
Share Price
As of 1:35 pm AST on Thursday, ADNOC Drilling’s share price dropped 0.4% to $1.32 (AED 4.86), giving it a market value of $21.3 billion (AED 78.1 billion).
Financial Performance
In 2024, ADNOC Drilling’s net profit rose 26% from the year before, reaching $1.3 billion. This was mainly due to growth in its onshore and offshore fleets and more business in oilfield services.
The company’s annual profit more than doubled to $1.3 billion in 2024.
Total revenue for the year increased by 32%, reaching $4 billion, according to a report filed with the Abu Dhabi Exchange (ADX).
Published: 19th April 2025
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