Dubai: ADNOC Drilling has powered to a $802 million profit for 2022 against $603.91 million a year ago, helped by a slew of project wins from its parent entity. Revenues came to $2.67 billion, up from $2.26 billion.

"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 $3 billion to $3.2 billion range, while capex could be around $1.3 billion to $1.75 billion. “We now expect additional capex over the coming two-year period ending 2024 between $2 billion to $2.5 billion, a net increase of some $1 billion 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.”

Dividends

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 cent per annum on a dividend per share basis over the next four years (2023-26)," the Abu Dhabi entity added.

In April 2022, the Board approved a dividend for H2-2021 of $325 million (which was distributed in May 2022). An interim cash dividend for H1-2022 totaling $341.25 million was distributed in September 2022.