Latest news with #Enersol
Zawya
09-05-2025
- Business
- Zawya
Adnoc Drilling sets $700mln for new acquisitions
ANOC Drilling Company has allocated around $700 million for new acquisitions in 2025 within a strategy to expand locally and in foreign markets, its CEO has said. The acquisitions would be carried out through Enersol, a joint venture created last year between ADNOC Drilling and Alpha Dhabi Holding, CEO Abdulrahman Abdulla Al Seiari told the UAE semi-official daily Alittihad on Friday. He said Enersol has completed four acquisition operations worth nearly $800 million since it was created by the two UAE firms, including the purchase of 95 percent of the shares of the US Deep Well Services Company in March. 'Adnoc Drilling is working to expand the scope of its operations in Abu Dhabi and other regions…we have plans to expand in Kuwait and Oman by bidding for contracts there given the significance of these two markets,' he said. Al-Seiari revealed the company is targeting to boost its revenues to nearly $5 billion in 2026. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Reuters
08-05-2025
- Business
- Reuters
ADNOC Drilling's first-quarter profit jumps on strong oilfield services
DUBAI, May 8 (Reuters) - ADNOC Drilling ( opens new tab, the subsidiary of Abu Dhabi's state oil giant, reported a 24% rise in first-quarter profit on Thursday, driven by strong growth in its oilfield services segment. ADNOC Drilling's net profit rose to $341 million in the quarter ended March, up from $275 million in the same period last year. Revenue rose nearly a third to $1.17 billion. Oilfield services' revenue rose 134% to $342 million, mainly driven by increased activity in unconventional and integrated drilling services. The company's board also approved quarterly dividend payments instead of semi-annually, with the first payment of $217 million for the first quarter of 2025 expected to be distributed on May 28. That amount will be a floor for subsequent quarterly payments in 2025. "Despite recent volatility in global markets, the Company's previously announced full year 2025 and medium-term guidance remains unchanged and is further supported by recent contract awards," ADNOC Drilling said. The company projects 2025 net profit between $1.35 and $1.45 billion and revenue of $4.6 billion to $4.8 billion. Recent contract awards include a $1.63 billion five-year integrated drilling services contract and an $806 million contract for three newbuild island rigs, both from ADNOC Offshore. ADNOC Drilling's joint ventures, Enersol and Turnwell, are helping drive its growth. Turnwell, in which oil services firms SLB and Patterson-UTI have stakes, was created to tap unconventional energy resources - oil and gas that require advanced extraction methods. Enersol, a joint venture with Abu Dhabi firm Alpha Dhabi, invests in artificial intelligence-powered drilling. It is expected to spend around $700 million on at least two merger and acquisition deals this year, with the United States a particular focus, Chief Financial Officer Youssef Salem told Reuters. Around half of that will come from Alpha Dhabi, which is part of a business empire overseen by Abu Dhabi royal Sheikh Tahnoon bin Zayed al-Nahyan. ADNOC Drilling's capital expenditure this year is expected at around $500 million, with another $500 million expected for mergers and acquisitions, of which $350 million would be for Enersol, Salem said. The company has drilled more than 40 unconventional wells out of a 144-well programme. It expects to have drilled more than 80 by the end of the year, the CFO said. The firm also drills around 800 conventional wells a year.
Zawya
08-05-2025
- Business
- Zawya
ADNOC Drilling's exceptional first quarter performance sets the stage for a year of growth
Conventional business delivers record 51% EBITDA margin and 32% net income margin, driving global industry-best 37% RoE and 24% ROCE Acquisition of DWS by ADNOC Drilling's Enersol accelerates AI-driven energy services, and breakthrough in unconventionals well delivery times by ADNOC Drilling's Turnwell enhances resource recovery Robust multi-billion-dollar revenue pipeline and new contract wins secure unmatched multi-year earnings visibility Board of Directors approves quarterly dividend distributions, resulting in $217 million 1Q 2025 payment Abu Dhabi, UAE – ADNOC Drilling Company PJSC ('ADNOC Drilling' or the 'Company') (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) announced today strong financial results for the first quarter of 2025 (1Q 2025), building on its growth trajectory, demonstrating its financial resilience and laying the foundation for another year of growth and success. Key First Quarter Highlights Revenue: $1.17 billion, +32% year-on-year EBITDA: $533 million, +22% year-on-year Net Profit: $341 million, +24% year-on-year ADNOC Drilling's growth momentum continues in 2025, fueled by sustained strong demand for its services, a relentless focus on operational excellence and strategic investments in fleet expansion, integrated services, artificial intelligence (AI), advanced technologies and international expansion. Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said: 'The first quarter of 2025 has been more than just a strong start for ADNOC Drilling, it has demonstrated our financial resilience and laid the foundation for another year of significant growth. We are progressing at pace on our strategic priorities, expanding our rig fleet, scaling our oilfield services offering and advancing our AI and digital capabilities. 'As we secure new contracts and expand into strategic markets, our scale and commitment to innovation continue to enhance efficiency and performance across the business. With a robust revenue pipeline, sustained demand, growing international interest and unparalleled visibility of future earnings, ADNOC Drilling is well positioned to deliver sustainable growth and value for our shareholders. We remain committed to playing a leading role in the advancement of energy services in our domestic market and beyond.' Strong Segmental Growth Onshore: Revenue increased 20% year-on-year to $494 million, mainly due to new rigs commencing operations and a $30 million contribution from our unconventional business Offshore (Jack-up and Islands): Revenue increased 2% year-on-year to $334 million, mainly due to higher activity island rigs Oilfield Services (OFS): Revenue increased 134% year-on-year to $342 million, mainly driven by $122 million in revenue from the unconventional business, coupled with increased integrated drilling services (IDS) activity and provision of more discrete services Final 2024 Dividend Distribution and Transition to Quarterly Dividend Distributions On March 18, 2025, at the Annual General Meeting, Company shareholders approved all the agenda items, including the distribution of the final cash dividend payment for the year ended December 31, 2024. The final shareholder-approved cash dividend payment for 2024 amounted to $394 million (c.9.05 fils per share) and has been made in April 2025. This has brought the total 2024 dividend to $788 million (c.18.1 fils per share), representing a 10% year-on-year increase versus 2023. On May 7, 2025, the Board of Directors approved dividends to be paid quarterly. The first quarterly dividend payment of 2025 will be for an amount of $217 million (approx. 5 fils per share) and is expected to be paid on or around May 28, 2025, to all shareholders of record as of May 19, 2025. For each of the following three quarterly distributions for 2025, the amount of $217 million will be a floor. As per dividend policy, the Board of Directors, at its discretion, may approve additional dividends over and above the progressive dividend floor after considering free cash flow accretive growth opportunities. Technology and Innovation: Enersol and Turnwell Set the Pace ADNOC Drilling's growth is underpinned by its bold innovation strategy, executed through its two next-generation joint ventures: Enersol, ADNOC Drilling's advanced energy technology platform, successfully completed the acquisition of DWS, further scaling its portfolio of AI-driven, performance-enhancing technologies that power smarter, more sustainable drilling solutions. Enersol published its 2024 operational report for all four portfolio companies that can be viewed here. Gordon Technologies Abu Dhabi facility is now fully operational and EV, a longtime regional operator, is preparing to transfer their Middle East base to Abu Dhabi Turnwell, ADNOC Drilling's joint venture with SLB and Patterson UTI, has delivered a step-change in UAE unconventional energy development, achieving a significant reduction in well delivery times through the deployment of DrillOps™, Advisory and Neuro advanced AI and digital tools, which utilize AI planner-enabled workflows and insights to react to real-time conditions and optimize processes based on the actual operational environment. As a result, well delivery times have been reduced to approximately 20 days with multiple wells being delivered in less than 15 days. To the end of 1Q 2025, 34 wells of the 144 well program for Phase 1 have already been drilled. Turnwell has helped ADNOC deliver a major milestone in the UAE's energy industry with the production and treatment of the nation's first gas produced from an 'unconventional' gas reservoir at the Ruwais Diyab Concession, located 200 kilometers from Abu Dhabi Regional Expansion and Market Growth ADNOC Drilling is expanding its operational reach beyond the United Arab Emirates (UAE), through pre-qualification and ongoing tenders in Oman and Kuwait, both strategic and key growth markets with strong and increasing demand for world-class drilling and energy services. These new frontiers offer diversified revenue streams and reinforce ADNOC Drilling's leading position across the region. Unparalleled Future Earnings Visibility As ADNOC Drilling accelerates its growth and continues to scale, 2025 is set to be a pivotal year, defined by innovation, international growth and strong shareholder returns. With industry-leading capabilities and expertise, a strong strategic vision and a future-focused mindset, the Company is shaping not only the future of drilling services in the UAE, but the future of global energy services. Despite recent volatility in global markets, the Company's previously announced full year 2025 and medium-term guidance remains unchanged and is further supported by recent contract awards. Among the key guidance metrics, in 2025 the Company expects total revenue to be between $4.6 to $4.8 billion and EBITDA between $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 is as follows: FY2026 Revenue expected at around $5 billion Around 50% conventional EBITDA margin (conventional drilling margins exceeding 50% and OFS margin in a range of 22-26% medium-term) Conservative long-term leverage target of up to 2.0x Net Debt / EBITDA Net working capital as percentage of revenue target of around 12% Maintenance CapEx of $200 - $250 million per annum (excluding organic and inorganic growth CapEx) 148+ rigs by 2026 and 151+ by 2028 Activity Subsequent to the End of the First Quarter In April 2025, ADNOC Drilling announced it has received a letter of award for a $1.63 billion, five-year contract for Integrated Drilling Services (IDS) from ADNOC Offshore. This contract supports the growing Oilfield Services segment, and its economic impact is already included in the current 2025 and 2026 revenue guidance, underpinning the visibility of future revenue and in support of our financial targets. In May 2025, ADNOC Drilling was awarded an $806 million long-term contract for three newbuild island rigs by ADNOC Offshore to support expanding operations at the offshore Zakum development project. These three rigs are in addition to three ordered in July 2024, reinforcing ADNOC Drilling's path to reach 151+ rigs by 2028. Webcast and conference call ADNOC Drilling will host the earnings webcast and conference call, followed by a Q&A session, for investors and analysts on Thursday, May 8, 2025, at 16:00pm UAE time. The call will be hosted by Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO and Youssef Salem, ADNOC Drilling CFO. Interested parties are invited to join the call by clicking here. A replay and transcript will be made available following the call, accessible from the Investor Relations section of ADNOC Drilling's website here. About ADNOC Drilling ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol 'ADNOCDRILL'; ISIN AEA007301012), is the largest drilling and integrated drilling services (IDS) company in the Middle East by fleet size, owning and operating one of the largest multi-discipline drilling fleets in the world. The Company is a critical link in ADNOC's upstream business, as ADNOC responsibly accelerates its production capacity targets in light of globally increasing demand for energy and enables the UAE's gas growth. ADNOC Drilling incorporated IDS into its portfolio in 2018 and now offers a total solution of start-to-finish wells and associated services that encompass the entire drilling value chain. To find out more, visit: For media inquiries, please contact: For investor inquiries, please contact: ir@
TECHx
18-03-2025
- Business
- TECHx
ADNOC Drilling Achieves Record Revenue, AI Growth, and Higher 2024 Dividend News Desk - 18/03/2025 ShareADNOC Drilling Company PJSC has confirmed shareholders' approval for all agenda items at its Annual General Meeting, including the final cash dividend payment for the year ended December 31, 2024.The company reported a significant increase in full-year revenue, reaching a record $4.034 billion, marking a 32% year-on-year growth. EBITDA also hit a record high of $2.01 billion, up 36% from the previous year. ADNOC Drilling's net profit for 2024 more than doubled since its listing on the Abu Dhabi Securities Exchange (ADX) in 2021, reaching $1.30 billion.Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, commented, '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% increase in the 2024 dividend to $788 million, and a commitment to further increases in the coming years, we continue to deliver exceptional value to our shareholders.'The 2024 final cash dividend payment amounts to $394 million (approximately 9.05 fils per share), bringing the total dividend for 2024 to $788 million (approximately 18.1 fils per share), a 10% increase from 2023. The dividend will be paid on or around April 11, 2025, to shareholders on record as of March 27, 2025.Looking ahead, ADNOC Drilling plans to increase its dividend further to at least $867 million in 2025, with a target of $1.15 billion by 2028, based on the company's progressive dividend policy.The company's growth trajectory is supported by its fleet expansion, with a projected rig count of over 148 by 2026 and more than 151 by 2028. ADNOC Drilling is also introducing AI-powered rigs to enhance efficiency in its oilfield services, positioning the company for even greater success in the future.In addition to its regional expansion, ADNOC Drilling's joint ventures, including Enersol and Turnwell, are driving technological advancements and contributing to the development of unconventional energy resources in Abu Dhabi. Enersol, a partnership with Alpha Dhabi, has acquired majority stakes in four tech-enabled oilfield service companies, while Turnwell, a joint venture with SLB and Patterson-UTI, continues to deliver accelerated well completions.For 2025, ADNOC Drilling has provided a strong guidance forecast, expecting total revenue between $4.6 billion and $4.8 billion, with EBITDA ranging from $2.15 billion to $2.3 billion. Net profit is anticipated to be between $1.35 billion and $1.45 billion.The company also expects CapEx between $0.35 billion and $0.55 billion, with free cash flow projected to range from $1.3 billion to $1.6 billion. ADNOC Drilling aims to maintain a conservative leverage target of up to 2.0x Net Debt/EBITDA.With a projected medium-term revenue of around $5 billion in 2026, ADNOC Drilling is poised for sustained growth and profitability, with a focus on maximizing shareholder returns while expanding its operational capacity.Key Financial Highlights:2024 Full-Year Revenue: $4.034 billion (+32% YoY)EBITDA: $2.01 billion (+36% YoY)Net Profit: $1.30 billion (more than double since 2021 listing)2024 Dividend: $788 million (10% increase YoY)2025 Revenue Forecast: $4.6 billion – $4.8 billion2025 EBITDA Forecast: $2.15 billion – $2.3 billion2025 Net Profit Forecast: $1.35 billion – $1.45 billionWith its strong financial performance and forward-looking strategies, ADNOC Drilling is set to continue driving efficiency, innovation, and long-term growth in the energy sector.
ADNOC Drilling Achieves Record Revenue, AI Growth, and Higher 2024 Dividend ADNOC Drilling Company PJSC has confirmed shareholders' approval for all agenda items at its Annual General Meeting, including the final cash dividend payment for the year ended December 31, 2024. The company reported a significant increase in full-year revenue, reaching a record $4.034 billion, marking a 32% year-on-year growth. EBITDA also hit a record high of $2.01 billion, up 36% from the previous year. ADNOC Drilling's net profit for 2024 more than doubled since its listing on the Abu Dhabi Securities Exchange (ADX) in 2021, reaching $1.30 billion. Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, commented, '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% increase in the 2024 dividend to $788 million, and a commitment to further increases in the coming years, we continue to deliver exceptional value to our shareholders.' The 2024 final cash dividend payment amounts to $394 million (approximately 9.05 fils per share), bringing the total dividend for 2024 to $788 million (approximately 18.1 fils per share), a 10% increase from 2023. The dividend will be paid on or around April 11, 2025, to shareholders on record as of March 27, 2025. Looking ahead, ADNOC Drilling plans to increase its dividend further to at least $867 million in 2025, with a target of $1.15 billion by 2028, based on the company's progressive dividend policy. The company's growth trajectory is supported by its fleet expansion, with a projected rig count of over 148 by 2026 and more than 151 by 2028. ADNOC Drilling is also introducing AI-powered rigs to enhance efficiency in its oilfield services, positioning the company for even greater success in the future. In addition to its regional expansion, ADNOC Drilling's joint ventures, including Enersol and Turnwell, are driving technological advancements and contributing to the development of unconventional energy resources in Abu Dhabi. Enersol, a partnership with Alpha Dhabi, has acquired majority stakes in four tech-enabled oilfield service companies, while Turnwell, a joint venture with SLB and Patterson-UTI, continues to deliver accelerated well completions. For 2025, ADNOC Drilling has provided a strong guidance forecast, expecting total revenue between $4.6 billion and $4.8 billion, with EBITDA ranging from $2.15 billion to $2.3 billion. Net profit is anticipated to be between $1.35 billion and $1.45 billion. The company also expects CapEx between $0.35 billion and $0.55 billion, with free cash flow projected to range from $1.3 billion to $1.6 billion. ADNOC Drilling aims to maintain a conservative leverage target of up to 2.0x Net Debt/EBITDA. With a projected medium-term revenue of around $5 billion in 2026, ADNOC Drilling is poised for sustained growth and profitability, with a focus on maximizing shareholder returns while expanding its operational capacity. Key Financial Highlights: 2024 Full-Year Revenue: $4.034 billion (+32% YoY) EBITDA: $2.01 billion (+36% YoY) Net Profit: $1.30 billion (more than double since 2021 listing) 2024 Dividend: $788 million (10% increase YoY) 2025 Revenue Forecast: $4.6 billion – $4.8 billion 2025 EBITDA Forecast: $2.15 billion – $2.3 billion 2025 Net Profit Forecast: $1.35 billion – $1.45 billion With its strong financial performance and forward-looking strategies, ADNOC Drilling is set to continue driving efficiency, innovation, and long-term growth in the energy sector.
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).
