High visibility, captive growth, substantial earnings and cash flow generation
Drilling is a strategic business of the oil and gas value chain and ADNOC Drilling is a key asset of ADNOC, the Abu Dhabi National Oil Company, whose mission is to manage the vast hydrocarbon reserves and main source of income of the Emirate of Abu Dhabi. As the sole provider of drilling services in Abu Dhabi, we benefit from a unique relationship and a contractual framework with the Group that provides us with an unmatched visibility on our long-term top line growth, returns and cash flow generation.
At the heart of the ADNOC upstream ecosystem, we have, since 1972, built an impressive track record of strong operational and financial performance. Today, as the first national integrated drilling services provider in the region, we are adding a full range of oil field services to our original drilling offering, and are in an advantageous position to serve ADNOC’s ambitious long-term plans to further increase its crude production and to unlock new unconventional gas resources.
Looking ahead, we are certain we will accelerate our growth trajectory and help deliver attractive dividends and long-term value to all our shareholders.
– Abdulrahman Al Seiari, Chief Executive Officer, ADNOC Drilling
10 May 2022
ADNOC Drilling Q1 2022 Net Income Grows to $175 Million, Exceeding Market Expectations
ADNOC Drilling Company PJSC today announced its financial results for the three-month period ended March 31, 2022.reported significant revenue growth for the period, increasing to $601 million, up 14.9% on the same period last year. Year-on-year revenue growth was delivered across all business segments with the Company firmly on track to deliver on its ambitious plans.ADNOC Drilling Q1 2021 Financial Results Press Release
11 February 2022
ADNOC Drilling Announces Robust Full Year 2021 Net Income of $604 Million
Solid net profit increase of 6% for the full year 2021.
Strong and resilient operational growth drives FY21 revenue to $2.27 billion, up 8.2% year-on-year.
Industry leading fleet utilization and excellent progress on cost efficiency results in full year EBITDA of over $1 billion.
The Board recommends a final dividend of $325 million for the second half of 2021.
Q1 2022 Earnings Call
On Tuesday, May 10 2022 ADNOC Drilling announced its Financial Results for the First Quarter ending March 31 2022.
Our Operations are organized into four reporting segments: Onshore, Offshore-Jackups, Offshore-Island and Oil Field Services (OFS).
Onshore Drilling is our largest segment generating 50.2% of 2021 revenues with 65 land rigs.
Offshore - Jackups is the second contributor to our business accounting for 26.3 % of revenues with 24 jackups and one barge.
Offshore - Island represented 9% of revenues in 2021 with ten island rigs.
Oil Field Services (OFS) accounted for 14.5% of our revenues in 2021. Established in 2018, the segment allowed ADNOC Drilling to become the first Integrated Drilling Services provider in the Middle East and is expected to grow significantly over the next decade.Explore
For nearly 50 years ADNOC Drilling has drilled wells to enable ADNOC to sustainably unlock Abu Dhabi’s oil and gas wealth for the benefit of the nation.Explore
ADNOC Drilling has historically held a strong corporate governance framework which has matured since 2020 and further enhanced pre-IPO to be fully aligned with SCA's corporate governance guidelines.Explore