ADNOC Drilling Board Recommends Final Dividend of $341 million or 7.83 Fils per Ordinary Share for Second Half of 2022, Up 5% Year-on-Year

Total 2022 dividend of $682.5 million or 15.67 fils per share 

Dividend supported by ADNOC Drilling’s exceptional fiscal 2022 results

Board of Directors reaffirms commitment to progressive and highly attractive dividend policy

Shareholders will vote to approve final 2022 dividend at the Annual General Meeting on April 3, 2023

Abu Dhabi, UAE – March 7, 2023: ADNOC Drilling Company PJSC (“ADNOC Drilling” or “the Company’’) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) today announced that its Board of Directors recommends a final dividend payment of $341.25 million for 2022, subject to shareholder approval at the upcoming Annual General Meeting. 

In its first full year since listing in 2021, the Company has delivered enhanced shareholder returns with a total 2022 dividend of $682.5 million. ADNOC Drilling’s dividend policy is progressive, reflecting robust underlying cash flow, and the annual distribution is expected to grow by at least 5% per annum on a dividend per share basis over the next four years (2023- 2026).

Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, commented: “The attractive value proposition that we offer is backed by our recently published record 2022 results, stable and predictable cash flow and a progressive dividend policy that reaffirms our ongoing commitment to shareholders. As we acquire and deploy new rigs, expanding our services even further, our revenue will grow along with shareholder returns.” 

The Company will hold it’s Annual General Meeting on April 3, 2023 where shareholders will be asked to consider and approve, among other things, the Board’s proposal to distribute a final dividend payment for 2022 of $341.25 million. The dividend will be paid in line with the UAE Securities and Commodities Authority regulations.

ADNOC Drilling recently announced exceptional 2022 results, beating market expectations and delivering record net profit of $802 million, up 33% year-on-year. Outstanding operational growth drove revenue to $2.67 billion, up 18% year-on-year, with EBITDA up 18% to $1.23 billion.