Adnoc Drilling second-quarter net income climbs 19% on revenue boost

Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, said its second-quarter net income jumped more than 19 per cent as revenue rose amid a continued fleet expansion programme.

Net profit for the three-month period to the end of June rose to $204.85 million, Adnoc Drilling, a unit of Adnoc, said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue for the April-June quarter rose by 11 per cent to $669m, driven by its onshore and oilfield services businesses as the company continued supporting Abu Dhabi’s efforts to increase its production capacity.

Net profit for the first six months of the year rose 34 per cent on an annual basis to $379m. Half-yearly revenue increased 13 per cent at the end of June to $1.27 billion.

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