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.
The rigs we have added to our fleet in H1 22 will support us in delivering on our resolute commitments to our shareholders, including ADNOC.
Abdulrahman Abdulla Al Seiari
CEO, ADNOC Drilling
26 September 2022
ADNOC Drilling Purchases Two Further Premium Jack-Up Rigs as Part of Accelerated Growth Strategy
ADNOC Drilling Company PJSC (ADNOC Drilling or the Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) today announced it has signed a Sale and Purchase Agreement (“SPA”) to acquire an additional two premium offshore jack-up drilling units (the “rigs”).
The acquisition, which underpins the company’s accelerated fleet expansion and enterprising growth, is the fourth confirmed by the Company in recent months. Earlier sale and purchase agreements were signed on 30 May (for two rigs), 10 June (one rig) and 24 August (one rig).
Q2 Earnings Release
Please view our earning's webcast held on Tuesday, August 9, 2022:
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.
Our next Board meeting with be held Friday, November 11, 2022, in advance of the publication of our financial results for our third quarter ending Friday, September 30, 2022 to take place 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.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