Adnoc Drilling has revised its full-year 2024 guidance, driven by heightened visibility and robust performance in the first nine months. The company now anticipates a compound annual growth rate (CAGR) in revenue between 14% and 18% from its 2023 baseline. Additionally, it forecasts a conventional Ebitda margin of approximately 50%, with conventional drilling margins surpassing 50% and OFS margins ranging from 22% to 26% over the medium term. The long-term leverage target is set conservatively at up to 2.0x net debt/Ebitda, with net working capital as a percentage of revenue targeted at around 12%. Maintenance CapEx post-2024 is projected at $200-$250 million annually, excluding organic and inorganic growth capex.
Adnoc Drilling's third-quarter revenue surged significantly to $1.026 billion, marking a 32% year-on-year increase. This growth was fueled by the expansion of both onshore and offshore fleets and the sustained development of the oilfield services (OFS) segment. The momentum was further enhanced by the initial contributions from the Turnwell and Enersol joint ventures. The strong top-line performance, combined with effective cost management, resulted in a record Ebitda of $510 million for the quarter, a 34% year-on-year increase, yielding a 50% Ebitda margin. Net profit for the quarter grew by 30% year-on-year to $335 million.
For the nine-month period, revenue increased 28% year-on-year to $2.85 billion, driven by heightened activity and the expansion of OFS. Ebitda grew 34% year-on-year to $1.42 billion, and net profit rose 29% year-on-year to $905 million. By the end of the third quarter, the fleet comprised 140 owned rigs, including four lease-to-own land rigs. In 2024, the company has operationalized 21 rigs, including reactivations, with two additional jack-up rigs scheduled to join the fleet in the fourth quarter. The company expects the owned fleet to reach 142 by year-end.
Revenue in the third quarter increased 29% year-on-year to $487 million, primarily due to new rigs commencing operations. Offshore jack-up revenue grew 46% year-on-year to $290 million, attributed to higher activity compared to the previous year, as offshore operations expanded. Offshore island revenue stood at $52 million during the quarter, with Ebitda at $32 million and net profit at $22 million. OFS revenue increased 36% year-on-year to $197 million, driven by increased activity in directional drilling and drilling fluids. The segment's overall activity volume is expected to rise in the final part of the year, in line with planned phasing and driven by a ramp-up in IDS rigs and the unconventional business.
In July, Adnoc Drilling secured a $733 million contract for three new artificial intelligence-enabled island rigs to support expanding operations at the offshore Zakum field. The delivery of these rigs and the commencement of operations are expected in 2026. During the quarter, Enersol, the technology-focused joint venture between Adnoc Drilling and Alpha Dhabi, signed agreements to acquire a 51% stake in NTS Amega and 100% of EV Holdings, subject to regulatory approval. These acquisitions, along with the purchase of an additional 42.2% equity stake in Gordon Technologies, bring Enersol's total capital commitments to approximately $550 million since its inception in January 2024.
In September, Adnoc Drilling was added to MSCI's flagship indexes, including MSCI EM and MSCI UAE, enhancing its visibility among global investors. CEO Abdulrahman Abdulla Al Seiari commented on the record third-quarter results, emphasizing the company's commitment to strategic growth and operational excellence.
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