Latest news with #ADNOCDrillingCompanyPJSC
Zawya
18-03-2025
- Business
- Zawya
ADNOC Drilling approves $788mln 2024 dividend, accelerates AI-enabled expansion
ABU DHABI - ADNOC Drilling Company PJSC confirmed shareholders' approval of all agenda items at its Annual General Meeting, including the distribution of its final cash dividend payment for the year ended 31st December 2024. ADNOC Drilling's full-year revenue increased significantly to a record $4.034 billion, rising by 32% year-on-year and its full-year EBITDA reached a record high of $2.01 billion, up 36% year-on-year. Since the Company's listing on ADX in 2021, its net profit for the full year has more than doubled, culminating in $1.30 billion in 2024. By leveraging the strength of its balance sheet, the Company remains committed to pursuing smart growth, seizing new opportunities and maximising shareholder value over the long term. Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said, 'Our record-breaking financial performance and dividend reflect ADNOC Drilling's strong momentum as the world's fastest growing energy services company. With a 10% dividend increase to $788 million in 2024 and a commitment to further increase it by at least 10% in 2025 and beyond, we continue to deliver exceptional value to our shareholders while investing in the future. Our targeted expansion across the region, AI-powered rigs and cutting-edge oilfield services position us for even greater success. As we accelerate innovation through Enersol and unlock Abu Dhabi's unconventional energy potential through Turnwell, ADNOC Drilling remains at the forefront of the industry – driving efficiency, sustainability and long-term progressive returns for our shareholders.' The final shareholder-approved cash dividend payment for 2024 amounts to $394 million (c.9.05 fils per share). This brings the total 2024 dividend to $788 million (c.18.1 fils per share), representing a 10% year-on-year increase versus 2023. The dividend will be paid on or around 11th April 2025, to all shareholders of record as of 27th March 2025. Looking ahead, the dividend is expected to increase to at least $867 million for 2025, reaching at least $1.15 billion by 2028, based on the minimum 10% year-on-year increase, in line with the Company's progressive dividend policy. The policy grants the Board of Directors discretion to distribute additional dividends above this floor, reaffirming ADNOC Drilling's commitment to maximising growth and returns for its shareholders. This growth trajectory is supported by the Company's fleet expansion, projected revenue growth and robust returns, including return on average capital employed (ROACE), which in 2024 exceeded 20% as well as return on equity (ROE) surpassed 30%. Additionally, ADNOC Drilling expects substantial free cash flow of up to $1.6 billion in 2025and net income growth with an implied payout ratio of less than 65% at the dividend floor in 2025. This strategic approach positions ADNOC Drilling for significant financial and operational success in the coming years. In 2025, ADNOC Drilling is set to enhance its operational capacity, projecting a rig count of over 148 by 2026 and more than 151 by 2028. The introduction of advanced rigs with AI-enabled technologies will enhance efficiency and bolster its oilfield services (OFS) segment, delivering greater value to customers. Having extended its contract in Jordan and gained prequalification in Kuwait and Oman, ADNOC Drilling continues to pave the way for further regional expansion in 2025. To date, Enersol, its joint venture with Alpha Dhabi, has announced acquisitions worth c.$800 million to acquire majority stakes in four tech-enabled oilfield service companies, and looking ahead, it aims to solidify its position as an AI-centric investment company. Turnwell, ADNOC Drilling's joint venture with SLB and Patterson-UTI, which has delivered an accelerated total of 30 wells to date and continues to drive efficiencies across the value chain, is also well-positioned to enable the recovery of Abu Dhabi's unconventional resources to meet the global energy demand. On the back of record 2024 financial results, ADNOC Drilling announced its full year 2025 guidance, reaffirming continued growth. Among the key guidance metrics, in 2025 the Company expects total revenue between $4.6 to $4.8 billion, and EBITDA of $2.15 to $2.3 billion with a margin range of 46%-48%. Net Profit is expected to be between $1.35 to $1.45 billion, with a margin range of 28%-30%. Moreover, ADNOC Drilling expects CapEx of between $0.35 to $0.55 billion, free cash flow (excluding M&A) between $1.3 to $1.6 billion, and a dividend floor of $0.87 billion, while maintaining a conservative leverage target of up to 2.0x Net Debt / EBITDA. ADNOC Drilling's medium-term guidance projects FY2026 revenue of around US$5 billion. The company expects a conventional EBITDA margin of around 50 percent, with conventional drilling margins exceeding 50 percent and oilfield services margins ranging between 22 and 26 percent in the medium term. ADNOC Drilling maintains a conservative long-term leverage target of up to 2.0x Net Debt/EBITDA, with a net working capital target of approximately 12 percent of revenue. Maintenance CapEx is projected at $200-$250 million per annum, excluding organic and inorganic growth CapEx. Additionally, the company aims to operate over 148 rigs by 2026 and exceed 151 rigs by 2028. ES
Al Etihad
18-03-2025
- Business
- Al Etihad
ADNOC Drilling approves $788 million 2024 dividend, accelerates AI-enabled expansion
18 Mar 2025 11:10 ABU DHABI (WAM) ADNOC Drilling Company PJSC confirmed shareholders' approval of all agenda items at its Annual General Meeting, including the distribution of its final cash dividend payment for the year ended December 31, Drilling's full-year revenue increased significantly to a record $4.034 billion, rising by 32% year-on-year and its full-year EBITDA reached a record high of $2.01 billion, up 36% year-on-year. Since the Company's listing on ADX in 2021, its net profit for the full year has more than doubled, culminating in $1.30 billion in leveraging the strength of its balance sheet, the Company remains committed to pursuing smart growth, seizing new opportunities and maximising shareholder value over the long Abdulla Al Seiari, ADNOC Drilling CEO, said, 'Our record-breaking financial performance and dividend reflect ADNOC Drilling's strong momentum as the world's fastest growing energy services company. With a 10% dividend increase to $788 million in 2024 and a commitment to further increase it by at least 10% in 2025 and beyond, we continue to deliver exceptional value to our shareholders while investing in the targeted expansion across the region, AI-powered rigs and cutting-edge oilfield services position us for even greater success. As we accelerate innovation through Enersol and unlock Abu Dhabi's unconventional energy potential through Turnwell, ADNOC Drilling remains at the forefront of the industry – driving efficiency, sustainability and long-term progressive returns for our shareholders.'The final shareholder-approved cash dividend payment for 2024 amounts to $394 million (c.9.05 fils per share). This brings the total 2024 dividend to $788 million (c.18.1 fils per share), representing a 10% year-on-year increase versus 2023. The dividend will be paid on or around 11th April 2025, to all shareholders of record as of 27th March ahead, the dividend is expected to increase to at least $867 million for 2025, reaching at least $1.15 billion by 2028, based on the minimum 10% year-on-year increase, in line with the Company's progressive dividend policy. The policy grants the Board of Directors discretion to distribute additional dividends above this floor, reaffirming ADNOC Drilling's commitment to maximising growth and returns for its growth trajectory is supported by the Company's fleet expansion, projected revenue growth and robust returns, including return on average capital employed (ROACE), which in 2024 exceeded 20% as well as return on equity (ROE) surpassed 30%.Additionally, ADNOC Drilling expects substantial free cash flow of up to $1.6 billion in 2025 and net income growth with an implied payout ratio of less than 65% at the dividend floor in 2025. This strategic approach positions ADNOC Drilling for significant financial and operational success in the coming 2025, ADNOC Drilling is set to enhance its operational capacity, projecting a rig count of over 148 by 2026 and more than 151 by 2028. The introduction of advanced rigs with AI-enabled technologies will enhance efficiency and bolster its oilfield services (OFS) segment, delivering greater value to extended its contract in Jordan and gained prequalification in Kuwait and Oman, ADNOC Drilling continues to pave the way for further regional expansion in date, Enersol, its joint venture with Alpha Dhabi, has announced acquisitions worth c.$800 million to acquire majority stakes in four tech-enabled oilfield service companies, and looking ahead, it aims to solidify its position as an AI-centric investment ADNOC Drilling's joint venture with SLB and Patterson-UTI, which has delivered an accelerated total of 30 wells to date and continues to drive efficiencies across the value chain, is also well-positioned to enable the recovery of Abu Dhabi's unconventional resources to meet the global energy the back of record 2024 financial results, ADNOC Drilling announced its full year 2025 guidance, reaffirming continued growth. Among the key guidance metrics, in 2025 the Company expects total revenue between $4.6 to $4.8 billion, and EBITDA of $2.15 to $2.3 billion with a margin range of 46%-48%. Net Profit is expected to be between $1.35 to $1.45 billion, with a margin range of 28%-30%.Moreover, ADNOC Drilling expects CapEx of between $0.35 to $0.55 billion, free cash flow (excluding M&A) between $1.3 to $1.6 billion, and a dividend floor of $0.87 billion, while maintaining a conservative leverage target of up to 2.0x Net Debt / Drilling's medium-term guidance projects FY2026 revenue of around $5 billion. The company expects a conventional EBITDA margin of around 50 percent, with conventional drilling margins exceeding 50 percent and oilfield services margins ranging between 22 and 26 percent in the medium term. ADNOC Drilling maintains a conservative long-term leverage target of up to 2.0x Net Debt/EBITDA, with a net working capital target of approximately 12 percent of revenue. Maintenance CapEx is projected at $200-$250 million per annum, excluding organic and inorganic growth CapEx. Additionally, the company aims to operate over 148 rigs by 2026 and exceed 151 rigs by 2028.
ARN News Center
15-02-2025
- Business
- ARN News Center
ADNOC Drilling records revenue of AED 14.7 bln
ADNOC Drilling Company PJSC has recorded a 32 per cent increase in revenue in 2024, reaching AED 14.70 billion. The net profit for 2024 totalled AED 4.77 billion, representing a 26 per cent increase year-on-year, with a 32 per cent margin. Commenting on the record 2024 financial results, ADNOC Drilling CEO, Abdulrahman Abdulla Al Seiari, said, 'As we remain focused on our future growth, we continue to expand our fleet and capabilities at ADNOC Drilling and through our joint ventures, Enersol and Turnwell, to continue powering the future of energy with AI-enabled technology investments, sustainability and innovation. I'd like to thank our people, partners and customers for their commitment and shared vision, as we continue to unlock the world-class energy resources in our region and set new benchmarks in the global energy industry.' The Board of Directors recommends a final cash dividend payment of AED 1.45 billion for 2024 (9.05 fils per share), subject to shareholder approval at the upcoming Annual General Meeting (AGM). The resulting total dividend for 2024 AED 2.90 billion (c.18.1 fils per share), represents a 10 per cent year-on-year increase compared to 2023. The final 2024 dividend is expected to be distributed in the first half of April 2025. The dividend will then increase to at least AED 3.18 billion for 2025 based on the minimum 10 per cent year-on-year increase. For the fourth quarter 2024, revenue grew 41 per cent year-on-year to AED 4.37 billion, driven by increased activity and growth of onshore and offshore fleets and the expansion of oilfield services (OFS).
Dubai Eye
14-02-2025
- Business
- Dubai Eye
ADNOC Drilling records revenue of AED 14.7 billion in 2024
ADNOC Drilling Company PJSC has recorded a 32 per cent increase in revenue in 2024, reaching AED 14.70 billion. The net profit for 2024 totaled AED 4.77 billion, representing a 26 per cent increase year-on-year, with a 32 per cent margin. Commenting on the record 2024 financial results, ADNOC Drilling CEO, Abdulrahman Abdulla Al Seiari, said, 'As we remain focused on our future growth, we continue to expand our fleet and capabilities at ADNOC Drilling and through our joint ventures, Enersol and Turnwell, to continue powering the future of energy with AI-enabled technology investments, sustainability and innovation. I'd like to thank our people, partners and customers for their commitment and shared vision, as we continue to unlock the world-class energy resources in our region and set new benchmarks in the global energy industry.' The Board of Directors recommends a final cash dividend payment of AED 1.45 billion for 2024 (9.05 fils per share), subject to shareholder approval at the upcoming Annual General Meeting (AGM). The resulting total dividend for 2024 AED 2.90 billion (c.18.1 fils per share), represents a 10 per cent year-on-year increase compared to 2023. The final 2024 dividend is expected to be distributed in the first half of April 2025. The dividend will then increase to at least AED 3.18 billion for 2025 based on the minimum 10 per cent year-on-year increase. For the fourth quarter 2024, revenue grew 41 per cent year-on-year to AED 4.37 billion, driven by increased activity and growth of onshore and offshore fleets and the expansion of oilfield services (OFS).
Gulf Today
13-02-2025
- Business
- Gulf Today
Adnoc Drilling reports record net profit of Dhs4.77 billion in 2024
ADNOC Drilling Company PJSC announced today record financial results for the fourth quarter and full year ending 31st December 2024. Full-year revenue reached Dhs14.70 billion (US$4.03 billion), an increase of 32 per cent year-on-year. Full-year EBITDA amounted to Dhs7.41 billion (US$2.01 billion), an increase of 36 per cent year-on-year, with a 50 per cent margin. Full-year net profit totalled Dhs4.77 billion (US$1.30 billion), representing an increase of 26 percent year-on-year, with a 32 percent margin. Commenting on the record 2024 financial results, Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said, 'Our record-breaking financial performance demonstrates our constant commitment to maximising growth and returns for our shareholders, while delivering sustainable and innovative solutions to our customers, both here in Abu Dhabi and beyond our borders. Our outstanding 2024 financial results reinforce ADNOC Drilling's position as the world's fastest growing energy services company with net profit more than doubling since listing on ADX. 'As we remain focused on our future growth, we continue to expand our fleet and capabilities at ADNOC Drilling and through our joint ventures, Enersol and Turnwell, to continue powering the future of energy with AI-enabled technology investments, sustainability and innovation. I'd like to thank our people, partners and customers for their commitment and shared vision, as we continue to unlock the world-class energy resources in our region and set new benchmarks in the global energy industry.' The Board of Directors recommends a final cash dividend payment of AED1.45 billion (US$394 million) for 2024 (9.05 fils per share), subject to shareholder approval at the upcoming Annual General Meeting (AGM). The resulting total dividend for 2024 Dhs2.90 billion, or US$788 million (c.18.1 fils per share) represents a 10 per cent year-on-year increase versus 2023. The final 2024 dividend is expected to be distributed in the first half of April 2025. The dividend will then increase to at least Dhs3.18 billion (US$867 million) for 2025 based on the minimum 10 percent year-on-year increase. For the fourth quarter 2024, revenue grew 41 percent year-on-year to Dhs4.37 billion (US$1.19 billion), driven by increased activity and growth of onshore and offshore fleets and the expansion of oilfield services (OFS). EBITDA grew 41 percent year-on-year to Dhs2.190 billion (US$596 million) and net profit was Dhs1.50 billion (US$399 million), growing at a pace closer to EBITDA, once excluding from Q4 2023 the positive one-off impact on D&A. At the end of Q4 2024, the fleet consisted of 142 owned rigs. In 2024 the Company operationalised 23 rigs, including two jack-up rigs set to join in H1 2025.
