DUBAI – Abu Dhabi’s ADNOC Drilling reported a rise of 6.1 percent in net profit for last year, with revenues boosted by its onshore and oilfield services businesses.
Net profit for 2021 was $603.9 million, up from $569 million in the year-earlier period.
Revenues increased to $2.27 billion in 2021 from $2.10 billion in 2020.
In a regulatory filing, the company said, according to Reuters, that the revenue increase was fuelled by additional drilling services to Abu Dhabi state oil giant ADNOC and its onshore and offshore units.
ADNOC Drilling said its onshore segment was the biggest driver of revenue growth as it supports state oil giant ADNOC Group’s program to significantly grow its output capacity.
Discussion about this post