
In a statement sent to Rigzone by the ADNOC Drilling team on Tuesday, ADNOC Drilling said it is set to enhance its operational capacity this year.
In that statement, the company projected a rig count of over 148 by 2026 and more than 151 by 2028. The company owned 129 rigs in 2023, according to annual data hosted on ADNOC Drilling’s website.
“The introduction of advanced rigs with AI-enabled technologies will enhance efficiency and bolster … [ADNOC Drilling’s] oilfield services (OFS) segment, delivering greater value to customers,” the company said in the statement.
“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,” it added.
In the statement, ADNOC noted that, to date, Enersol – which is the company’s joint venture with Alpha Dhabi – has announced acquisitions worth around $800 million to acquire majority stakes in four tech-enabled oilfield service companies, and stated that, looking ahead, it aims to solidify its position as an AI-centric investment company.
ADNOC Drilling said in the statement that Turnwell – which is ADNOC Drilling’s joint venture with SLB and Patterson-UTI – “is also well-positioned to enable the recovery of Abu Dhabi’s unconventional resources to meet the global energy demand”.
In a statement posted on its site back in December, ADNOC Drilling announced the closing under the agreement 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 energy resources, reinforcing the UAE’s position as a global leader in the responsible supply of energy,” Abdulrahman Abdulla Al Seiari, Chief Executive Officer of ADNOC Drilling, said in that statement.
“This joint venture is a groundbreaking achievement and is already paying dividends through the significant reduction in well delivery time as seen through the first wells being delivered in record time,” Al Seiari added.
In a statement posted on its site back in November, ADNOC Drilling announced that Enersol agreed to acquire a 95 percent equity stake in Deep Well Services for approximately $223 million including performance-based payments.
“Completion of the transaction is subject to obtaining the necessary regulatory approvals and other customary conditions precedent,” ADNOC Drilling said in that statement.
“DWS, through Enersol, will play a role in contributing to the development of the UAE’s conventional and unconventional energy resources,” the company added.
In the statement sent to Rigzone on Tuesday, ADNOC Drilling said its full-year revenue “increased significantly to a record $4.034 billion, rising by 32 percent year on year” and added that its its full-year EBITDA “reached a record high of $2.01 billion, up 36 percent 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,” the company said in that statement.
“By leveraging the strength of its balance sheet, the company remains committed to pursuing smart growth, seizing new opportunities and maximizing shareholder value over the long term,” it added.
ADNOC Drilling also highlighted in this statement that its final shareholder-approved cash dividend payment for 2024 amounts to $394 million.
“This brings the total 2024 dividend to $788 million … representing a 10 percent year on year increase versus 2023. The dividend will be paid on or around April 11, 2025, to all shareholders of record as of March 27, 2025,” the company said.
“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 percent year on year increase, in line with the company’s progressive dividend policy,” it added.
“The policy grants the Board of Directors discretion to distribute additional dividends above this floor, reaffirming ADNOC Drilling’s commitment to maximizing growth and returns for its shareholders,” it continued.
In this statement, ADNOC Drilling’s 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 percent dividend increase to $788 million in 2024 and a commitment to further increase it by at least 10 percent in 2025 and beyond, we continue to deliver exceptional value to our shareholders while investing in the future,” Seiari added.
“Our targeted expansion across the region, AI-powered rigs and cutting-edge oilfield services position us for even greater success,” Seiari continued.
“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 ADNOC Drilling CEO went on to note.
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