Latest news with #ADNOCOffshore
Zawya
30-07-2025
- Business
- Zawya
ADNOC Drilling posts 21% higher profits in H1-25; quarterly dividends announced
Abu Dhabi: The net profits after tax of ADNOC Drilling Company jumped by 21% year-on-year (YoY) to $692 million in the first half (H1) of 2025 from $570 million. The group generated revenues worth $2.36 billion as of 30 June 2025, an annual surge of 30% from $1.82 billion, according to the financial results. Earnings per share (EPS)stood at $0.04 in the first six months (6M) of 2025, up from $0.03 in H1-24. Results for Q2-25 In the second quarter (Q2) of 2025, ADNOC Drilling posted 19% YoY higher net profits at $351 million, compared to $295 million. Revenues increased by 28% to $1.19 billion in Q2-25 from $935 million in Q2-24, while the EPS climbed to $0.02 from $0.01. Quarterly, the Q2-25 profits grew by 3% from $341 million in Q1-25, while the revenues went up by 2% from $1.17 billion. Dividends for Q2 The board members approved cash dividends amounting to $217 million, nearly 5 fils per share, for Q2-25 in line with the group's commitment to delivering reliable, growing income to shareholders. The cash amount is expected to be paid in the second half of August 2025 to all shareholders of record as of 8 August 2025. The company's strong performance was mainly driven by the full operational impact of rigs commissioned in stages over the course of last year. ADNOC Drilling was awarded a $1.15 billion contract for two jack-up rigs by ADNOC Offshore in support of its growing offshore operations. The contract follows existing agreements, bringing accretive rates that generate long-term revenue and attractive returns. The UAE-based company signed a deal to acquire a 70% stake in SLB's land drilling rigs business in Kuwait and Oman. On 30 June, ADNOC Drilling announced the award of a contract valued at up to $800 million by ADNOC Onshore for the provision of integrated hydraulic fracturing services for conventional and tight reservoirs.
Zawya
05-05-2025
- Business
- Zawya
ADNOC Drilling awarded $806mln long-term contract for three newbuild island rigs
ADNOC Drilling Company announced today it has been awarded a contract for three island rigs by ADNOC Offshore for an estimated total contract value of US$806 million to support expanding operations at the offshore Zakum development project. These three rigs are in addition to three ordered in July 2024. Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said, 'ADNOC Drilling is proud to be awarded this significant, long-term contract, marking another major milestone in our accelerated growth journey. These next generation island rigs, built with embedded artificial intelligence, represent a leap forward in technology, enhancing safety, efficiency and performance. This award strengthens our position as a critical enabler of ADNOC's production capacity targets, while delivering sustainable, high-quality returns for our shareholders well into 2038 and beyond.' The contract will follow existing agreements that generate long-term revenue and attractive returns. The three new island rigs will operate on ADNOC's existing and newly constructed innovative artificial islands for drilling and completion of wells. Tayba Abdul Rahim Al Hashemi, Chief Executive Officer of ADNOC Offshore, said, 'We are focused on unlocking maximum value from the resources in Abu Dhabi's waters in the most efficient and innovative ways possible. These advanced island rigs delivered by ADNOC Drilling will play a vital role in achieving our production capacity goals and meeting global energy demand. Together, we are pushing the boundaries of technology, operational excellence and partnership to power sustainable growth.' This new generation of island rigs, expected to gradually join the fleet between 2027 and 2028, will be developed through a strategic collaboration between ADNOC Drilling and Honghua Group (HH). The partnership is formed specifically to embed the transformative power of AI, advanced digitalization and real-time analytics into rig design and operations. Leveraging real-time condition monitoring, performance optimsation and predictive analytics, the rigs will generate actionable insights that drive higher operational efficiency, improved well delivery times and enhanced safety. Designed to operate on ADNOC's pioneering artificial islands – home to the world's five longest wells, including a recent record-setting well at 53,000 feet – the rigs will be optimised for extended reach drilling (ERD). Additionally, state-of-the-art walking capabilities will enable seamless movement between well slots without the need for rig dismantling, significantly improving uptime, reducing emissions and lowering operating costs. The capital expenditure for acquiring these new island rigs is currently expected to be broadly similar to that of the three island rigs announced in July 2024.
Yemen Online
17-04-2025
- Business
- Yemen Online
ADNOC Drilling secures $1.63bn drilling services contract
The five-year contract encompasses services including directional drilling, drilling fluids, cementing, wireline logging and tubular running. ADNOC Drilling has been awarded a $1.63bn (Dh5.99bn) contract by ADNOC Offshore to provide integrated drilling services (IDS). The five-year contract encompasses a suite of services including directional drilling, drilling fluids, cementing, wireline logging and tubular running. The provision of these services is aimed at delivering extended reach and maximum reservoir wells offshore. ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said: 'We are immensely proud to secure this considerable award, which not only validates our strategic direction but also demonstrates the confidence ADNOC Offshore places in our capabilities. Our IDS offering delivers superior value and innovation, enabling us to play a pivotal role in reshaping the future of energy services in the region. 'This milestone underscores our commitment to operational excellence, and positions ADNOC Drilling as the partner of choice in an increasingly dynamic and complex energy landscape. 'This five-year award is a strong reflection of ADNOC Drilling's long-term contracting model, which provides revenue visibility and stability over the contract period. It aligns with our disciplined approach to building a resilient business foundation, capable of generating consistent cash flow and supporting sustainable shareholder returns through the cycle.' This strategic award is expected to support the burgeoning oilfield services segment and has already been factored into the company's financial guidance for 2025 and 2026. ADNOC will also provide Osaka Gas with up to 800,000 tonnes per annum of lower-carbon liquefied natural gas (LNG) from its Ruwais LNG project. ADNOC Offshore CEO Tayba Al Hashemi added: 'ADNOC Drilling is a key enabler on our accelerated journey to responsibly meet the world's growing energy needs. This contract gives us access to their cutting-edge capabilities and market-leading end-to-end services, which will maximise efficiency and generate significant value for our shareholders and the UAE [United Arab Emirates].'
Yahoo
17-04-2025
- Business
- Yahoo
ADNOC Drilling secures $1.63bn drilling services contract
ADNOC Drilling has been awarded a $1.63bn (Dh5.99bn) contract by ADNOC Offshore to provide integrated drilling services (IDS). The five-year contract encompasses a suite of services including directional drilling, drilling fluids, cementing, wireline logging and tubular running. The provision of these services is aimed at delivering extended reach and maximum reservoir wells offshore. ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said: 'We are immensely proud to secure this considerable award, which not only validates our strategic direction but also demonstrates the confidence ADNOC Offshore places in our capabilities. Our IDS offering delivers superior value and innovation, enabling us to play a pivotal role in reshaping the future of energy services in the region. "This milestone underscores our commitment to operational excellence, and positions ADNOC Drilling as the partner of choice in an increasingly dynamic and complex energy landscape. 'This five-year award is a strong reflection of ADNOC Drilling's long-term contracting model, which provides revenue visibility and stability over the contract period. It aligns with our disciplined approach to building a resilient business foundation, capable of generating consistent cash flow and supporting sustainable shareholder returns through the cycle.' This strategic award is expected to support the burgeoning oilfield services segment and has already been factored into the company's financial guidance for 2025 and 2026. ADNOC will also provide Osaka Gas with up to 800,000 tonnes per annum of lower-carbon liquefied natural gas (LNG) from its Ruwais LNG project. ADNOC Offshore CEO Tayba Al Hashemi added: 'ADNOC Drilling is a key enabler on our accelerated journey to responsibly meet the world's growing energy needs. This contract gives us access to their cutting-edge capabilities and market-leading end-to-end services, which will maximise efficiency and generate significant value for our shareholders and the UAE [United Arab Emirates].' "ADNOC Drilling secures $1.63bn drilling services contract" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
17-04-2025
- Business
- Zawya
ADNOC Drilling wins $1.63bln offshore Integrated Drilling Services contract
ADNOC Drilling announced on Wednesday that it has received a letter of award from ADNOC Offshore for a $1.63 billion contract to deliver Integrated Drilling Services (IDS) over a five-year period. The scope of the contract includes directional drilling, drilling fluids, cementing, wireline logging, and tubular running services. It also covers engineering and technical support for the delivery of extended reach and maximum reservoir contact wells offshore. 'This five-year award is a strong reflection of ADNOC Drilling's long-term contracting model, which provides revenue visibility and stability over the contract period,' said Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling. Tayba Al Hashemi, CEO of ADNOC Offshore, said: 'This contract gives us access to their cutting-edge capabilities and market-leading end-to-end services, which will maximise efficiency and generate significant value for our shareholders and the UAE.' ADNOC Drilling said the award supports the growth of its Oilfield Services segment and that the associated economic impact is already accounted for in its 2025 and 2026 financial guidance. (Writing by SA Kader; Editing by Anoop Menon)
