2024 Income Surges 32% to Over $4 Billion; EBITDA Reaches Report $2 Billion with 50% Margin
February 13, 2024: ADNOC Drilling Firm PJSC (“ADNOC Drilling” or the “Firm”) (ADX: ADNOCDRILL) has introduced report monetary outcomes for the fourth quarter and full yr ending December 31, 2024, underscoring its place because the world’s fastest-growing drilling firm.
Monetary Highlights:
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Full-year income: $4.03 billion, up 32% year-on-year
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Full-year EBITDA: $2.01 billion, up 36% year-on-year, with a 50% margin
-
Full-year internet revenue: $1.3 billion, up 26% year-on-year, with a 32% margin
Operational Milestones:
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Built-in 23 new rigs into operations, growing fleet measurement to 142 owned rigs by year-end
-
2025 and mid-term steerage issued, concentrating on income of roughly $5 billion by 2026 and a rise to 151+ rigs by 2028
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Whole anticipated 2024 dividend distribution of $788 million (18.1 fils per share), reflecting a ten% enhance year-on-year
CEO Commentary
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, acknowledged: “Our record-breaking monetary efficiency highlights our dedication to maximizing progress and shareholder returns whereas delivering revolutionary and sustainable vitality options. Since our ADX itemizing, internet revenue has greater than doubled, solidifying our place because the fastest-growing vitality providers firm globally. We proceed to develop our fleet and capabilities, leveraging AI-enabled applied sciences and sustainability initiatives to drive future progress.”
Dividend Announcement
The Board of Administrators has beneficial a ultimate 2024 money dividend of $394 million (9.05 fils per share), topic to shareholder approval on the upcoming Annual Basic Assembly (AGM). This brings the full 2024 dividend to $788 million, with an anticipated payout within the first half of April 2025. The dividend is projected to extend by at the very least 10% in 2025, reaching $867 million.
This autumn 2024 Efficiency
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Income: $1.19 billion (+41% YoY)
-
EBITDA: $596 million (+41% YoY)
-
Internet Revenue: $399 million (+21% YoY)
ADNOC Drilling expanded its operations considerably, with its onshore and offshore fleets contributing to elevated income and better oilfield providers (OFS) exercise.
2024 Full-12 months Segmental Progress:
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Onshore Income: $554 million (+33% YoY), pushed by new rigs and unconventional enterprise enlargement
-
Offshore Jack-up Income: $264 million (+17% YoY), supported by greater exercise ranges
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Offshore Island Income: $56 million (+8% YoY)
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Oilfield Companies (OFS) Income: $313 million (+111% YoY), fueled by elevated built-in drilling providers (IDS) and directional drilling
2025 and Mid-Time period Progress Outlook
ADNOC Drilling has issued its 2025 monetary steerage, projecting:
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Income: $4.60 – $4.80 billion
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EBITDA: $2.15 – $2.30 billion (46% – 48% margin)
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Internet Revenue: $1.35 – $1.45 billion (28% – 30% margin)
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CapEx: $350 – $550 million (excluding M&A)
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Dividend: At the very least $870 million (+10% YoY)
The corporate additionally reaffirmed its medium-term outlook, concentrating on income of $5 billion by 2026 and a fleet enlargement to 151+ rigs by 2028.
Strategic Initiatives and Acquisitions
-
Enersol Acquires Deep Nicely Companies (DWS): Enersol accomplished a $223 million acquisition of DWS, enhancing its technological and automation capabilities in vitality providers.
-
Turnwell Joint Enterprise: ADNOC Drilling, SLB, and Patterson-UTI efficiently launched Turnwell, delivering its first wells in beneath 16 days, setting new effectivity benchmarks.
ADNOC Drilling continues to drive sustainable progress and operational excellence, solidifying its management within the world vitality trade.2024 Income Surges 32% to Over $4 Billion; EBITDA Reaches Report $2 Billion with 50% Margin
Abu Dhabi, UAE – February 13, 2024: ADNOC Drilling Firm PJSC (“ADNOC Drilling” or the “Firm”) (ADX: ADNOCDRILL) has introduced report monetary outcomes for the fourth quarter and full yr ending December 31, 2024, underscoring its place because the world’s fastest-growing drilling firm.
Monetary Highlights:
-
Full-year income: $4.03 billion, up 32% year-on-year
-
Full-year EBITDA: $2.01 billion, up 36% year-on-year, with a 50% margin
-
Full-year internet revenue: $1.3 billion, up 26% year-on-year, with a 32% margin
Operational Milestones:
-
Built-in 23 new rigs into operations, growing fleet measurement to 142 owned rigs by year-end
-
2025 and mid-term steerage issued, concentrating on income of roughly $5 billion by 2026 and a rise to 151+ rigs by 2028
-
Whole anticipated 2024 dividend distribution of $788 million (18.1 fils per share), reflecting a ten% enhance year-on-year
CEO Commentary
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, acknowledged: “Our record-breaking monetary efficiency highlights our dedication to maximizing progress and shareholder returns whereas delivering revolutionary and sustainable vitality options. Since our ADX itemizing, internet revenue has greater than doubled, solidifying our place because the fastest-growing vitality providers firm globally. We proceed to develop our fleet and capabilities, leveraging AI-enabled applied sciences and sustainability initiatives to drive future progress.”
Dividend Announcement
The Board of Administrators has beneficial a ultimate 2024 money dividend of $394 million (9.05 fils per share), topic to shareholder approval on the upcoming Annual Basic Assembly (AGM). This brings the full 2024 dividend to $788 million, with an anticipated payout within the first half of April 2025. The dividend is projected to extend by at the very least 10% in 2025, reaching $867 million.
This autumn 2024 Efficiency
-
Income: $1.19 billion (+41% YoY)
-
EBITDA: $596 million (+41% YoY)
-
Internet Revenue: $399 million (+21% YoY)
ADNOC Drilling expanded its operations considerably, with its onshore and offshore fleets contributing to elevated income and better oilfield providers (OFS) exercise.
2024 Full-12 months Segmental Progress:
-
Onshore Income: $554 million (+33% YoY), pushed by new rigs and unconventional enterprise enlargement
-
Offshore Jack-up Income: $264 million (+17% YoY), supported by greater exercise ranges
-
Offshore Island Income: $56 million (+8% YoY)
-
Oilfield Companies (OFS) Income: $313 million (+111% YoY), fueled by elevated built-in drilling providers (IDS) and directional drilling
2025 and Mid-Time period Progress Outlook
ADNOC Drilling has issued its 2025 monetary steerage, projecting:
-
Income: $4.60 – $4.80 billion
-
EBITDA: $2.15 – $2.30 billion (46% – 48% margin)
-
Internet Revenue: $1.35 – $1.45 billion (28% – 30% margin)
-
CapEx: $350 – $550 million (excluding M&A)
-
Dividend: At the very least $870 million (+10% YoY)
The corporate additionally reaffirmed its medium-term outlook, concentrating on income of $5 billion by 2026 and a fleet enlargement to 151+ rigs by 2028.
Strategic Initiatives and Acquisitions
-
Enersol Acquires Deep Nicely Companies (DWS): Enersol accomplished a $223 million acquisition of DWS, enhancing its technological and automation capabilities in vitality providers.
-
Turnwell Joint Enterprise: ADNOC Drilling, SLB, and Patterson-UTI efficiently launched Turnwell, delivering its first wells in beneath 16 days, setting new effectivity benchmarks.
ADNOC Drilling continues to drive sustainable progress and operational excellence, solidifying its management within the world vitality trade.
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