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.
As we look to the final quarter and to 2022, we see our operations returning to normal post- pandemic and we expect to continue to make significant progress in the execution of our long-term strategy.
– Abdulrahman Al Seiari, Chief Executive Officer, ADNOC Drilling
10 November 2021
ADNOC Drilling Announces Strong Third-Quarter and Nine-Month 2021 Results Beating Market Forecast
Resilient nine-month revenue increased 12% year-on-year to $1.7 billion with EBITDA at $785 million
Exceptional financial performance follows record ADX listing
50% Q3 EBITDA Margin drives cash from operations1 to 105% of EBITDA
Four-fold capital expenditure increase year-on-year for the nine-month period, supporting ambitious growth agenda
10 November 2021
Q3 and 9M 2021 Earnings release
ADNOC Drilling released its quarterly results on Wednesday, November 10.
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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 51.3% of 2020 Revenues with 65 land rigs.
Offshore - jackups is the second contributor to our business accounting for 28.4 % of revenues with 21 jackups and one barge.
Offshore - Island represented 9.7% of revenues in 2020 with ten island rigs. Oil Field Services, accounted for 10.6% of our revenues in 2020.
Established in 2018 to, 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