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ADNOC Drilling Announces First Half 2023
Results, with Net Profit Growing
18% Year-on-Year to $446 million
Outstanding revenue and profit growth in the first half, driven by new rigs
entering the fleet, strong cost performance and Oilfield Services
expansion
Accelerated Oilfield Services revenue up 45% year-on-year, with
improving margins
Additional activity and effective cost management initiatives deliver
EBITDA of $677 million in the first half, up 17% year-on-year with
margin expansion to 47%
Company remains firmly on track to deliver its fiscal year 2023 guidance
Abu Dhabi, UAE – August 4, 2023: ADNOC Drilling Company PJSC (“ADNOC Drilling” or the
“Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) today announced financial
results for the first half and second quarter of 2023. ADNOC Drilling’s first half revenue increased
to $1.4 billion, up 13% year-on-year. Revenue growth was driven by the Oilfield Services (OFS)
and Offshore Jack-Up segments which increased by 45% and 31% respectively.
Abdulrahman Abdulla Al Seiari, Chief Executive Officer, ADNOC Drilling, commented:
“ADNOC Drilling’s excellent financial performance in the first half of 2023 is testament to our
strategy of expanding both our drilling fleet and service offering while also improving our margins
through strong cost performance. OFS revenues grew by 45% year-on-year with improved
margins. Moreover, we progressed on our goal to expand the fleet, signing agreements to build 16
hybrid powered land rigs, which also form a significant additional element of our decarbonization
strategy.”
“This strong and growing financial performance underpins our progressive dividend policy and we
expect the 2023 interim dividend to be in line with it, further demonstrating our continuous
commitment to sustained value creation for our shareholders.”
First half EBITDA increased significantly by 17% year-on-year to $677 million, due to the uptick in
revenue coupled with the delivery of substantial cost savings, leading to an exceptional EBITDA
margin of 47%. The Company’s strategy of expanding both fleet and service offering has driven
net profit to $446 million, a significant increase of 18% year-on-year.
Second quarter revenue grew by 8% year-on-year to $724 million and by 1% sequentially. EBITDA
in the quarter increased by 15% year-on-year to $344 million, leading to a 48% EBITDA margin,
or 3 percentage points higher year-on-year. EBITDA also increased by 3% sequentially. Second
quarter net profit grew 12% year-on-year and 4% sequentially to $228 million.
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Strong growth in Offshore Jack-up and OFS segments
• Onshore: Half-year 2023 revenue of $701 million is broadly in line with last year. The increase
of revenue, driven by new rigs entering the fleet from the second half 2022, was offset by lower
year-on-year reimbursement of cost escalation claims, particularly due to a reduction of diesel
prices.
Second quarter revenue decreased 10% year-on-year, as the same period of last year was
positively impacted by recovery of higher fuel costs, in-line with contractual terms. The drop in
diesel prices and associated reimbursements led to a 3% sequential revenue decrease.
• Offshore Jack-Up: Half-year revenue grew by 31% to $376 million, due to introduction of five
new jack-ups into the operational fleet during the second half of 2022. These additional rigs
have positively impacted second quarter revenue which has increased by 33% year-on-year
and by 4% sequentially.
• Offshore Island: Half-year revenue grew to $103 million, a 2% increase year-on-year. Second
quarter revenue increased by 2% year-on-year and by 2% sequentially.
• Oilfield Services (OFS): Revenue grew to $260 million in the first half of 2023, up 45% year-
on-year, driven by expanded activity across the entire portfolio. Second quarter revenue
increased by 47% year-on-year and by 6% sequentially.
During the first half of 2023, ADNOC Drilling announced the signing of contracts worth over $2.4
billion, consisting of a $2 billion offshore jack-up contract award and a $412 million integrated
drilling services contract. As well as signing sale and purchase agreements for the acquisition of
two premium offshore jack-ups and 16 newbuild hybrid power land rigs. The adoption of hybrid
power drilling rigs forms a substantial addition to ADNOC Drilling’s plans to decarbonize its
operations.
In line with the Company’s progressive dividend policy, the interim dividend for the current year is
expected to increase by a minimum of 5% versus last year, continuing to demonstrate a
commitment to sustained value creation for shareholders. The interim dividend is expected to be
announced in due course and distributed by the end of October 2023.
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Key Financial Metrics
USD Millions 2Q23 2Q22 YoY% 1Q23 QoQ% 1H23 1H22 YoY%
Revenue 724 669 8% 716 1% 1,440 1,270 13%
EBITDA 344 300 15% 333 3% 677 580 17%
Net Profit 228 204 12% 219 4% 446 379 18%
Earnings per share
0.014 0.013 12% 0.014 - 0.028 0.024 18%
(USD/share)
Capital Expenditure 181 207 -13% 76 138% 257 285 -10%
Cash from
395 205 93% 226 75% 621 818 -24%
Operating Activities
-Ends-
About ADNOC Drilling
ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol “ADNOCDRILL”;
ISIN AEA007301012), is the largest drilling and well completions company in the Middle East by
fleet size, owning and operating one of the largest multi-discipline drilling fleets in the world. The
Company is a critical link in ADNOC’s upstream business, as ADNOC responsibly accelerates its
production capacity targets in light of globally increasing demand for energy and enables gas self-
sufficiency for the UAE. ADNOC Drilling incorporated Integrated Drilling Services into its portfolio
in 2018 and now offers a total solution of start-to-finish wells and associated 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:
Massimiliano Cominelli
Vice President, Investor Relations
+971 2 698 3383
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