ADNOC Drilling's H1-2022 revenues take on 13% growth to $1.27b

Dubai: Abu Dhabi’s ADNOC Drilling Co.’s first-half 2022 revenues are at Dh1.27 billion, a healthy 13 per cent gain on first-half 2021. The net profit growth for the latest period is even more robust, up 34 per cent to $379 million, while margin is 30 per cent.

The Board of Directors has confirmed an interim dividend that will be a 5 per cent increase to 7.83 fils, bringing the first payment of fiscal year 2022 to $341 million.

ADNOC Drilling's revenue flow has been further bolstered by new contracts from ADNOC. "The company’s significant fleet expansion program is central to the dynamic growth strategies of ADNOC and enables support to a growing number of world-scale projects in the UAE," said a statement. "The company plans to double its delivery of IDS wells in 2022, and double its IDS-capable fleet by 2024, which will support the doubling of OFS revenues by 2025."

More billion dollar wins

On July 27, ADNOC Drilling was awarded $2 billion for offshore drilling units and Integrated Drilling Services (IDS) to support the delivery of ADNOC’s Ghasha offshore gas mega-project. "Excellent half-year results and successful strategic execution are testament to the vital role that the company is playing in enabling significant production capacity growth for ADNOC as well as the UAE’s objective to achieve gas self sufficiency," said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, and Chairman of ADNOC Drilling.

In the first six months, ADNOC Drilling’s fleet utilization rate was at 98 per cent. Eight rigs were added to the fleet. Five Helmerick & Payne FlexRigs were brought in during Q1-22, and sale and purchase agreements signed for three premium offshore jack-ups in Q2-22. The total value of these forms part of the Company’s three-year capital expenditure guidance of $2.5 billion to $3 billion, as well as its ‘strategic roadmap to grow the fleet to 122 rigs by the end of 2024’.

"The rigs we have added to our fleet in H1-22 will support us in delivering on our resolute commitments to our shareholders, including ADNOC, as it works towards its production capacity targets and gas self-sufficiency for the UAE," said Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling.

How the individual units fared for ADNOC Drilling in H1-22