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.
Over the past twelve months we have further demonstrated the strength of our unique business model, that directly benefits from ADNOC’s five million barrel per day capacity target and has delivered outstanding business growth and results. Our ambitious fleet expansion strategy coupled with the accelerated growth of Oilfield Services has delivered exceptional bottom-line performance, beyond the expectations of the market.
CEO, ADNOC Drilling
Subject to the foregoing, shareholders at the Annual General Meeting in April of 2023 approved a final dividend payment for the second half of 2022 totaling $341.25 million, or 7.83 fils per share, which was distributed to shareholders on April 25, 2023.
Furthermore, the Board of Directors announced an interim cash dividend for fiscal year 2023 totaling $358.3 million, or 8.22 fils per share, which was distributed to shareholders on October 27, 2023. The interim dividend payment was 5% higher than the interim dividend payment of fiscal year 2022, in-line with the Company’s dividend policy.
Annual General Meeting (AGM)
ADNOC Drilling's Annual General Meeting (AGM) was held on Monday, April 3, 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.
Offshore - Jack-ups is the second contributor to our business accounting for 22.8% of 2022 revenues.
Offshore - Island represented 7.6% of revenues in 2022.
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.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
Fraudsters are advertising fake investment opportunities. ONLY refer to official ADNOC Drilling channels for investor information. The fraudster poses as a representative of ADNOC Drilling, pretending to offer an opportunity to contract with ADNOC Drilling. This is either to provide goods or services to ADNOC Drilling or to propose an investment opportunity.
Often - but not always - the fraud involves a request for you to pay money to them in order to win the contract or participate in the investment.
ADNOC Drilling will never ask for money from a third party to participate in its procurement process or in order to be considered for a business or investment opportunity.