ADNOC Drilling to Distribute Increased Interim Cash Dividend of $358 Million, Up 5% Year-on-Year

Board of Directors approves increased interim cash dividend of $358 million, 8.22 fils per share, for the first half of 2023

Highly attractive shareholder returns as a result of a combination of competitive yield and exceptional long-term growth

ADNOC Drilling’s progressive dividend policy has resulted in total distribution to shareholders of close to $1.4 billion since the October 2021 Initial Public Offering

Abu Dhabi, UAE – October 10, 2023: ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) announces an interim dividend payment of $358 million, or 8.22 fils per share, for the first half of 2023. This represents another 5% year-on-year increase, in-line with the Company’s progressive dividend policy. The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023. 

ADNOC Drilling Chief Executive Officer Abdulrahman Abdulla Al Seiari said: “This continued growth in dividend reflects ADNOC Drilling’s strong and visible cash flows and confidence in long term growth. Our ability to deliver highly attractive, sustainable and growing shareholder returns is testament to our focus on profitability and cash flow, with our customers growth plans and our own initiatives providing a solid pipeline of further growth in the coming years.

‘’During the first half of 2023, we have continued the rapid and unprecedented expansion of our fleet, as well as signing contracts worth more than $2.4 billion. These long-term contracts, and our unique relationship with ADNOC, provide clear, long-term visibility on cashflows and earnings, as well as protection against market volatility.’’ 

In the first half of 2023, ADNOC Drilling announced increased revenue of $1.4 billion, up 13% year-on-year, EBITDA of $677 million, up 17% year-on-year and net profit of $446 million, up 18% year-on-year.

The interim dividend 2023 delivers on the Company’s progressive dividend policy, reflecting the expectation of strong cash flow and long-term earnings visibility, while providing ample headroom to fund ongoing operations and investments for long-term growth. Since listing on Abu Dhabi Securities Exchange, and including this latest interim dividend payment, the Company will have distributed $1,366 million to shareholders.