ADNOC Drilling, listed on the Abu Dhabi Securities Exchange, announced that it has obtained shareholders’ approval for all items on the agenda of the Annual General Meeting, including the distribution of its attractive final cash dividend for the fiscal year ending December 31, 2023.
Commenting on the financial results, Abdulrahman Abdulla Al Sayari, CEO of ADNOC Drilling, said: “In 2023, we made significant progress against our strategic objectives and continued to support our customers in achieving their goals. Our outstanding health, safety and environment performance contributed to record results in 2023. Our company’s performance reflects the exceptional efforts and dedication of our highly skilled and talented workforce, working in a diverse environment. I would like to express my sincere thanks and appreciation for the commitment of each and every employee to achieving the highest levels of performance.”
“2024 will be a landmark year for ADNOC Drilling, with our Integrated Drilling Services business set to receive significant support from Enersol, our strategic partnership with Alpha Dhabi Holding, which will help us drive growth, efficiency and value through the adoption of AI, digitization and advanced technology solutions. This year, we will continue to expand further across the region, building on our successful entry into the Jordanian market last year. Our ambitions at ADNOC Drilling have always been limitless and we are confident that 2024 is the year we will continue to achieve them,” he added.
Final Cash Dividends for 2023
Shareholders approved a final cash dividend for 2023 of $358 million (8.22 fils per share), bringing the total cash dividend for the year to $717 million (16.45 fils per share), an increase of 5% year-on-year compared to 2022. The dividend will be paid on or about 3 April 2024 to all shareholders of record as of 21 March 2024.
ADNOC Drilling continues to affirm its commitment to a progressive dividend policy, reflecting strong cash flows, with annual dividends expected to grow by no less than 5% per annum on a per share basis over the next four years (2024-2026).
Promoting AI and advanced technology solutions through the Enersol project
In 2023, ADNOC Drilling launched a pioneering strategic partnership with Alpha Dhabi Holding PJSC (Alpha Dhabi). The joint venture, Enersol, aims to build value-accretive, technology-enabled oilfield and energy services businesses globally, across the oilfield services and energy value chain.
This project, in which ADNOC Drilling owns a 51 percent stake, contributes to the company’s investment and expansion strategy by injecting a joint investment worth up to $1.5 billion.
It is worth noting that the Enersol joint venture has been enabled to invest in several companies and has supported the creation of a scalable ecosystem that will contribute to enhancing the company’s market value and improving operational efficiency. The ability to support the desired transformation goals within the global energy sector and achieve the UAE’s climate neutrality and economic diversification goals will be the cornerstone of individual investment decisions.
Our fleet is constantly growing.
During 2024, ADNOC Drilling seeks to continue to grow the number of rigs specialized in providing integrated drilling services, as the total number of rigs in the fleet is expected to reach 142 rigs.
Each of the additional advanced rigs joining the fleet will use leading artificial intelligence technologies, which in turn will improve operational efficiency and boost the company’s overall revenues. The oilfield services sector is also expected to witness significant continued growth, as the company continues to enhance operational efficiency through advanced technology for its customers and generate additional value from every well it delivers.
