ADNOC Drilling reports 2022 profits of $802M with increased revenues of $2.67B due to project wins from parent company, compared to $603.91M profit in the previous year. “The increase in revenue was due to increase in rig fleet and additional drilling services provided to ADNOC Onshore and ADNOC Offshore,” the company said.
For 2023, ADNOC Drilling is projecting revenues to be in the $3B to $3.2B range, while capex could be around $1.3B to $1.75B. “We now expect additional capex over the coming two-year period ending 2024 between $2B to $2.5B, a net increase of some $1B over and above the original guidance,” the ADX-listed company said in a statement.
“We remain very enthusiastic about the year ahead as we focus towards supporting three key pillars – gas self-sufficiency, development of unconventional, continued expansion of OFS (oil field services) and pursuit of both regional expansion opportunities and new revenue streams.”
ADNOC Drilling’s stated policy is to pay out semi-annual dividends. “The dividend policy is progressive, reflecting robust underlying cashflow, and the annual distribution is expected to grow by at least 5% per annum on a dividend per share basis over the next four years (2023-26),” the company added.
