Abu Dhabi's ADNOC Drilling net profit rises 6.1% in 2021

DUBAI: Abu Dhabi's ADNOC Drilling reported on Friday 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, down 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 the revenue increase was fuelled by additional drilling services to Abu Dhabi state oil giant ADNOC and its onshore and offshore units.

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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.