ADNOC Classification: Public
ADNOC Drilling Announces Strong Results
for the Nine Months to September 2022 with
Significant Net Profit Growth of 24% to $568
Million
Robust financial and operating performance continues into
the third quarter for ADNOC Drilling as it celebrates first
anniversary since listing on ADX
Industry-leading fleet utilization supports nine-month
revenue growth of 15% year-on-year, to reach $1.94 billion
Continued growth is underpinned by margin-enhancing fleet
expansion program, with nine new rigs added so far in 2022
Abu Dhabi, UAE – 14 November 2022: ADNOC Drilling Company PJSC (ADNOC Drilling or
the Company) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) today announced its
financial results for the nine months and third quarter ended 30 September 2022.
ADNOC Drilling’s net profit for the nine-month period grew significantly, by 24% to $568
million, while revenue increased 15% to $1.94 billion compared to the same period last year.
Nine-month EBITDA was $879 million for 2022, up 12% year-on-year, at an industry-leading
EBITDA margin of 45.3%.
Year-on-year revenue growth was led by the Onshore segment, with ADNOC Drilling
positioned as a key enabler of ADNOC’s ambitious program to significantly boost production
capacity. The Company’s Oilfield Services (“OFS”) segment equally achieved very strong
year-on-year gains.
Third quarter revenue grew 17% year-on-year to $671 million, driven primarily by the Onshore
and OFS segments. Third quarter EBITDA increased by 5% year-on-year to $299 million for
the period. Net profit for the third quarter grew by 6% year-on-year to $189 million.
Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling,
commented: “Our strong nine-month results were underpinned by the consistent execution of
our strategic priorities as we continue to prove our value as a reliable and efficient operator
and fast-growing drilling leader. Our accelerating rig fleet expansion program is a prime
example. Supporting the UAE’s long-term production capacity targets, the program is already
paying off as new rigs commence operations. A significant number of additional rigs are
scheduled to come onstream in the fourth quarter, further boosting our financial and operating
performance as we head towards 2023 and continued shareholder value creation.ADNOC Classification: Public
“Sustainability continues to be a major focus as we deliver on our committment to reduce and,
where possible, eliminate emissions from our operations. We are also partnering with our
customers to support their sustainability goals. An example is the recently delivered 50,000ft
extended reach well for ADNOC Offshore in the giant Zakum field, tapping into an
undeveloped part of the reservoir. This well helps unlock an additional production capacity of
15,000 barrels per day and achieves this without the need for further costly infrastructure and
with minimal environmental footprint, and is the world’s longest extended reach well. Such
pioneering drilling engineering achievements, reinforce ADNOC Drilling's prime position in the
drilling and completion services industry.”
On 3 October 2022, ADNOC Drilling celebrated one year since listing on the Abu Dhabi
Securities Exchange (ADX). At the time, the initial public offering was the largest listing in the
history of the exchange and was 31 times oversubscribed. Since listing, the Company has
delivered a total shareholder return of 53.7%1 as at 30 September 2022.
Al Seiari concluded: “As we celebrate our first anniversay as an ADX-listed company, we are
proud of the value we have created for shareholders, with our progressive dividend policy
having distributed $666.25 million to investors since listing. At the same time, we have added
more than $13 billion of contract backlog, achieved strong top- and bottom-line growth, and
expanded our owned rig fleet from 95 to 108. We are excited for the year ahead, and look
forward to continued growth in 2023 and beyond.”
Strong Growth for Onshore and OFS; Offshore Performance Stable
• Onshore: Revenue for the nine-month period was $1,074 million, up 27% year-on-
year, largely driven by new rigs joining the fleet. 3Q 2022 revenue was $372 million,
up 33% year-on-year.
• Offshore Jackup: Revenue for the nine-month period was $431 million, broadly flat
versus the prior year. 3Q 2022 revenue was $143 million and, due to planned
maintenance, down 9% year-on-year. During the third quarter, ADNOC Drilling was
awarded two contracts at a combined value of $3.4 billion to provide eight jack-up rigs
to ADNOC Offshore.
• Offshore Island: Revenue for the nine-month period was $153 million, similar to 2022.
3Q 2022 revenue of $52 million was down 14% year-on-year due to a one-off claim
concluded and recognised in 3Q 2021. During the third quarter, ADNOC Drilling was
awarded a $711 million contract for the provision of four Island Drilling Units for up to
ten years for ADNOC’s Hail and Ghasha Development Project.
• Oilfield Services (OFS): The OFS segment performed very well in the nine-month
period, with revenue of $282 million, up 22% year-on-year, driven by higher activity
from continued expansion, with healthy margin development. 3Q 2022 revenue was
$103 million, up 40% year-on-year. During the third quarter, the OFS business was
1 Source: BloombergADNOC Classification: Public
awarded contracts totalling $1.3 billion by ADNOC for the Hail and Ghasha
Development Project, to provide integrated drilling services and fluids for up to ten
years. In addition, OFS was awarded a $23 million contract by ADNOC Onshore for
up to five years’ supply of production chemicals; as well as a four-year $2 million well
head maintenance contract by Al Dhafra Petroleum.
The Company has accelerated its rig fleet expansion program during the course of 2022, and
in the third quarter signed two sale and purchase agreements to acquire a further three
premium jack-up drilling units for $210 million.
Key Financial Metrics
3Q 3Q % 9M 9M %
USD Millions
2022 2021 Change 2022 2021 Change
Revenue 671 571 17% 1,940 1,694 15%
EBITDA 299 285 5% 879 785 12%
Net Profit 189 178 6% 568 460 24%
Earnings per share
0.0118 0.0112 5% 0.0355 0.0287 24%
(USD/share)
Capital Expenditure2 224 171 31% 508 454 12%
Cash from Operating
317 242 31% 1,135 721 58%
Activities3
-ENDS-
About ADNOC Drilling
ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol “ADNOCDRILL”;
ISIN AEA007301012), is the largest drilling company in the Middle East Operating and owns
one of the largest multi-discipline drilling fleets in the world. The Company is a critical link in
ADNOC’s upstream business, as ADNOC continues to move towards its oil production
capacity targets and enables gas self-sufficiency for the UAE. ADNOC Drilling incorporated
Integrated Drilling Services into its portfolio in 2018 and now offers start-to-finish wells and
services that encompass the entire drilling value chain. To find out more,
visit: www.adnocdrilling.ae
For media inquiries please contact:
Iain Cracknell
Vice President, Corporate Communications
+971 2 698 3614
For investor inquiries please contact:
Nicolas Robert
Vice President, Investor Relations
+971 2 698 3499
2 Cash from Operating Activities – Net profit for the period adjusted for non cash items and working capital changes as per cash
flow statement.
3 Capital expenditure – Payments for purchase of property and equipment as per cash flow statement.

Sentiment: positive