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Adnoc Drilling Q2 Revenue Rises 3% YOY

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Middle East's Integrated Drilling Services provider Adnoc Drilling posted Thursday 8% year-over-year rise in Q2 offshore revenue to $554 million, from $513 million, boosted by the consolidation of SLDC and MBPS land rigs.

Offshore revenue for jack-ups and islands rose 6% in the quarter ended June 30 to $358 million from $337 million in the same period a year ago, supported by new jack-ups and an early-deployed artificial intelligence-enabled island rig.

Meanwhile, oilfield services revenue stood at $320 million, down 8% year over year from $347 million due to lower unconventional activity phasing. However, integrated drilling services activity expanded with the number of IDS rigs increasing to 61.

The company stated that the growth was primarily driven by addition of 30 land rigs in Oman and Kuwait, following the acquisitions of stakes in SLDC and MBPS, alongside the integration of new jack-up rigs.

The company's total rig fleet reached 171 units by the end of June which includes 141 rigs in Abu Dhabi and 30 regional rigs outside the UAE.

Looking forward, Adnoc Drilling remains on track to deploy about 70 IDS rigs by the end of 2026, backed by ongoing investments in UAE production capacity, gas development, and technology-driven productivity.

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