ADNOC Drilling Company’s revenue for 2023 reached $3.05 billion, up 14% year-on-year, while EBITDA increased by 20% to $1.483 billion, with a margin of 49%.
The company’s net profit rose by 29% to $1.03 billion, with a margin of 34%. The CEO attributed the growth to the company’s business model benefiting from ADNOC’s capacity target and fleet expansion strategy.
“Over the past twelve months, we have further demonstrated the strength of our unique business model, which directly benefits from ADNOC’s’ five million barrel per day capacity target and has delivered outstanding business growth and results, said Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling. “Our ambitious fleet expansion strategy coupled with the accelerated growth of Oilfield Services has delivered exceptional bottom-line performance beyond the market’s expectations.”
The company added 14 new drilling units in 2023, including four lease-to-own land rigs, establishing one of the world’s largest owned and operated fleets consisting of 129 rigs.
The Board recommended a final dividend payment of $358 million for 2023, subject to shareholder approval, representing a 5% increase from 2022. The final 2023 dividend is expected to be distributed in the first half of April 2024.
ADNOC Drilling’s revenue for the year surged to $3.06 billion, up 14% year-on-year. Revenue growth was driven primarily by the Offshore Jack-up and Oilfield Services (OFS) segments, increasing 31% and 37%, respectively. All segments grew year-on-year as the company continued executing its fleet and OFS expansion strategy to support the delivery of ADNOC’s’ production capacity target.
ADNOC Drilling reported a fleet availability rate of 96% for the year ending December 31, 2023. Cash from operations decreased 11% year-on-year to $1.4 billion, supporting a free cash flow of $306 million.
Full-year 2023 capital expenditure was as anticipated $1.33 billion, as the company delivered on its ambitious plans to expand its fleet to meet customer demand.
