Adnoc Drilling this week posted net profits of $379mn for 1H 2021, up 34% year on year with Q2 seeing a quarterly record $204mn. Revenues were up 13% at $1.27bn for 1H with the quarterly figure of $669mn for Q2 topping Q1’s $601mn previous high (see chart).

Though the firm was floated on the Abu Dhabi stock exchange in October 2021, parent Adnoc retains a dominant 84% stake. And it is based on this relationship that Adnoc Drilling expects a series of new record results in the coming quarters. (CONTINUED - 496 WORDS)