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.
Our first quarter results are particularly pleasing as they clearly demonstrate the effective execution of our strategy, to grow earnings by expanding our fleet and our offering, for the benefit of our customers and our shareholders.
Abdulrahman Abdulla Al Seiari
CEO, ADNOC Drilling
11 May 2023
ADNOC Drilling Announces Strong 1Q 2023 Year-on-Year Earnings Growth, Driven by Accelerated Rig Fleet and Service Offering Expansion
ADNOC Drilling Company PJSC (ADNOC Drilling or the Company) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) today announced its financial results for the 1Q-2023.
ADNOC Drilling's Annual General Meeting (AGM) will be held on Monday, April 3, 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.Full year 2022 results release
Please view our Full Year 2022 financial results conference call and webcast held on Monday, February 13, 2023:
Our Operations are organized into four reporting segments: Onshore, Offshore-Jack-ups, Offshore-Island and Oil Field Services (OFS).
Onshore Drilling is our largest segment generating 54.3% of 2022 revenues with 74 land rigs.
Offshore - Jack-ups is the second contributor to our business accounting for 22.8% of 2022 revenues with 31 jack-ups and one barge.
Offshore - Island represented 7.6% of revenues in 2022 with ten island rigs.
Oil Field Services (OFS) accounted for 15.1% of our revenues in 2022. 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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