In an announcement despatched to Rigzone by the ADNOC Drilling crew on Tuesday, ADNOC Drilling stated it’s set to boost its operational capability this yr.
In that assertion, the corporate projected a rig rely of over 148 by 2026 and greater than 151 by 2028. The corporate owned 129 rigs in 2023, in line with annual knowledge hosted on ADNOC Drilling’s web site.
“The introduction of superior rigs with AI-enabled applied sciences will improve effectivity and bolster … [ADNOC Drilling’s] oilfield companies (OFS) phase, delivering higher worth to clients,” the corporate stated within the assertion.
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“Having prolonged its contract in Jordan and gained prequalification in Kuwait and Oman, ADNOC Drilling continues to pave the way in which for additional regional enlargement in 2025,” it added.
Within the assertion, ADNOC famous that, to this point, Enersol – which is the corporate’s three way partnership with Alpha Dhabi – has introduced acquisitions value round $800 million to accumulate majority stakes in 4 tech-enabled oilfield service firms, and acknowledged that, trying forward, it goals to solidify its place as an AI-centric funding firm.
ADNOC Drilling stated within the assertion that Turnwell – which is ADNOC Drilling’s three way partnership with SLB and Patterson-UTI – “can be well-positioned to allow the restoration of Abu Dhabi’s unconventional assets to satisfy the worldwide power demand”.
In an announcement posted on its web site again in December, ADNOC Drilling introduced the closing underneath the settlement to create Turnwell Industries LLC OPC.
“Closing the Turnwell JV with SLB and Patterson-UTI advances our plans to unlock the UAE’s world-class unconventional power assets, reinforcing the UAE’s place as a worldwide chief within the accountable provide of power,” Abdulrahman Abdulla Al Seiari, Chief Govt Officer of ADNOC Drilling, stated in that assertion.
“This three way partnership is a groundbreaking achievement and is already paying dividends via the numerous discount in nicely supply time as seen via the primary wells being delivered in file time,” Al Seiari added.
In an announcement posted on its web site again in November, ADNOC Drilling introduced that Enersol agreed to accumulate a 95 p.c fairness stake in Deep Properly Companies for about $223 million together with performance-based funds.
“Completion of the transaction is topic to acquiring the mandatory regulatory approvals and different customary situations precedent,” ADNOC Drilling stated in that assertion.
“DWS, via Enersol, will play a task in contributing to the event of the UAE’s standard and unconventional power assets,” the corporate added.
Within the assertion despatched to Rigzone on Tuesday, ADNOC Drilling stated its full-year income “elevated considerably to a file $4.034 billion, rising by 32 p.c yr on yr” and added that its its full-year EBITDA “reached a file excessive of $2.01 billion, up 36 p.c yr on yr”.
“For the reason that firm’s itemizing on ADX in 2021, its internet revenue for the complete yr has greater than doubled, culminating in $1.30 billion in 2024,” the corporate stated in that assertion.
“By leveraging the power of its steadiness sheet, the corporate stays dedicated to pursuing good progress, seizing new alternatives and maximizing shareholder worth over the long run,” it added.
ADNOC Drilling additionally highlighted on this assertion that its ultimate shareholder-approved money dividend cost for 2024 quantities to $394 million.
“This brings the overall 2024 dividend to $788 million … representing a ten p.c yr on yr enhance versus 2023. The dividend shall be paid on or round April 11, 2025, to all shareholders of file as of March 27, 2025,” the corporate stated.
“Wanting forward, the dividend is anticipated to extend to at the very least $867 million for 2025, reaching at the very least $1.15 billion by 2028, primarily based on the minimal 10 p.c yr on yr enhance, according to the corporate’s progressive dividend coverage,” it added.
“The coverage grants the Board of Administrators discretion to distribute further dividends above this flooring, reaffirming ADNOC Drilling’s dedication to maximizing progress and returns for its shareholders,” it continued.
On this assertion, ADNOC Drilling’s CEO stated, “our record-breaking monetary efficiency and dividend mirror ADNOC Drilling’s robust momentum because the world’s quickest rising power companies firm”.
“With a ten p.c dividend enhance to $788 million in 2024 and a dedication to additional enhance it by at the very least 10 p.c in 2025 and past, we proceed to ship distinctive worth to our shareholders whereas investing sooner or later,” Seiari added.
“Our focused enlargement throughout the area, AI-powered rigs and cutting-edge oilfield companies place us for even higher success,” Seiari continued.
“As we speed up innovation via Enersol and unlock Abu Dhabi’s unconventional power potential via Turnwell, ADNOC Drilling stays on the forefront of the trade – driving effectivity, sustainability and long-term progressive returns for our shareholders,” the ADNOC Drilling CEO went on to notice.
To contact the creator, e mail andreas.exarheas@rigzone.com
