EBITDA rose 34.0% YOY to USD 510 Mn in 3Q24 while EBITDA margin grew 65 bps YOY but fell 74 bps QOQ to 49.7% in 3Q24. The Company revised its revenue guidance from USD 3.7-3.85 Bn to USD 3.8-3.9 Bn, while EBITDA guidance also revised from USD 1.80-1.95 Bn to USD 1.85-1.95 Bn in 2024.

Net revenue grew strongly 32.2% YOY to USD 1,026 Mn in 3Q24 driven by the expansion of onshore & offshore fleets, coupled with continued growth of the oilfield services (OFS) segment. The initial contributions from the Turnwell and the Enersol joint ventures further boosted growth. Onshore Segment revenue grew 28.5% YOY to USD 486 Mn in 3Q24, primarily due to new rigs starting operations.

ADNOC Drilling's net revenue grew 29.2% YOY to USD 935 Mn in 2Q24 due to the commencement of operations of new rigs and an overall increase in business activity across all segments

ADNOC Drilling's net revenue grew 23.7% YOY to USD 886 Mn in 1Q24 due to an increase in drilling activity and expansion of drilling fleet

ADNOCDRILL delivered a robust performance with a 14.7% YOY rise in topline and 20.3% YOY growth in EBITDA in 4Q23.

ADNOCDRILL delivered a robust performance with a 15.8% YOY rise in revenue and a 27.3% YOY growth in EBITDA in 3Q23.

ADNOCDRILL delivered a robust performance with an 8.3% YOY rise in revenue and a 14.7% YOY increase in EBITDA in 2Q23.

ADNOC Drilling Co. PJSC (ADNOCDRILL/the Company) net profit grew 25.4% YOY to USD 219 Mn in 1Q23, slightly higher than our estimate of USD 211 Mn.

ADNOC Drilling Co. PJSC (ADNOCDRI/the Company) net profit rose significantly from USD 144 Mn in 4Q21 to USD 234 Mn in 4Q22, higher than our estimate of USD 193 Mn.