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    Adnoc Drilling reports 6% rise in profit in 2021

Summary

Revenue jumped 8.6% year/year.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Middle East, Security of Supply, Corporate, Exploration & Production, Financials, News By Country, United Arab Emirates

Adnoc Drilling reports 6% rise in profit in 2021

Adnoc Drilling Company, a unit of state-owned Adnoc, on February 11 reported a 6.1% year/year rise in its full-year 2021 profit.

The company booked a profit of $604mn last year compared with $569mn in 2020. Revenue for the year rose to $2.27bn from $2.09bn reported at the end of 2020, a jump of 8.6%. 

“The increase in revenue was due to additional drilling services provided to Adnoc, Adnoc Onshore and Adnoc Offshore,” the company said in a regulatory filing.

The company said it remains “enthusiastic” about the year ahead as it builds drilling assets and oilfield services with its partners.

Adnoc is Adnoc Drilling's majority shareholder, with an 84% stake. US energy services company Baker Hughes has 5% and US driller Helmerich & Payne holds 1% shareholding in the company.