Adnoc Drilling Company today reported a record 2024 full-year revenue of $4.03 billion, +32% year-on-year, and net profit of $1.3 billion, +26% year-on-year.

 

Full-year EBITDA was $2.01 billion, +36% year-on-year, yielding a 50% EBITDA margin.

 

Abdulrahman Abdulla Al Seiari, Adnoc Drilling CEO, said: “Our record-breaking financial performance demonstrates our constant commitment to maximizing growth and returns for our shareholders, while delivering sustainable and innovative solutions to our customers, both here in Abu Dhabi and beyond our borders. Our outstanding 2024 financial results reinforce Adnoc Drilling’s position as the world’s fastest growing energy services company with net profit more than doubling since listing on ADX. 

 

“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 $394 million for 2024 (9.05 fils per share), subject to shareholder approval at the upcoming Annual General Meeting (AGM). The resulting total dividend for 2024 $788 million (c.18.1 fils per share) represents a 10% year-on-year increase versus 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 $867 million for 2025 based on the minimum 10% year-on-year increase.

 

Highlights for the three months Ended December 31, 2024

For the fourth quarter 2024, revenue grew 41% year-on-year to $1.19 billion, driven by increased activity and growth of onshore and offshore fleets and the expansion of oilfield services (OFS). EBITDA grew 41% year-on-year to $596 million and net profit was $399 million, growing at a pace closer to EBITDA, once excluding from Q4 2023 the positive one-off impact on D&A. 

 

At the end of Q4 2024, the fleet consisted of 142 owned rigs. In 2024 the Company operationalized 23 rigs, including two jack-up rigs set to join in H1 2025. 

 

Strong Segmental Growth 

• Onshore: Revenue increased 33% year-on-year to $554 million from $416 million, mainly due to new rigs commencing operations and the contribution from the unconventional business

• Offshore Jack-up: Revenue increased 17% year-on-year to $264 million from $225 million, due to higher activity from jack-ups compared to last year, as the offshore operations expanded

• Offshore Island: Revenue increased 8% year-on-year to $56 million from $52 million, driven by increased activity 

• Oilfield Services (OFS): Revenue increased 111% year-on-year to $313 million from $148 million, mainly driven by increased IDS, positive phasing related to directional drilling and pressure pumping, and revenue from the unconventional business.  -TradeArabia News Service