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.
A significant number of additional rigs are scheduled to come onstream in the fourth quarter, further boosting our financial and operating performance as we head towards 2023.
Abdulrahman Abdulla Al Seiari
CEO, ADNOC Drilling
14 November 2022
ADNOC Drilling Announces Strong Results for the Nine Months to September 2022 with Significant Net Profit Growth of 24% to $568 Million
ADNOC Drilling Company PJSC (ADNOC Drilling or the Company) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) today announced its financial results for the nine months and third quarter ended 30 September 2022.
The publication of our financial results for FY 2022 will take place Monday, February 13, 2023.
ADNOC Drilling's Annual General Meeting (AGM) will be held on Tuesday, March 21, 2023.
ADNOC Drilling Company PJSC Board of Directors announced increased interim fiscal 2022 dividend of $341 million, 7.83 fils per share, increasing by 5% in line with progressive dividend policy.Q3 Earnings Release
Please view our Q3 financial results conference call and webcast held on Monday, November 14, 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.
ExploreFor 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.
ExploreADNOC 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.
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