ADNOC Drilling reported strong numbers for the full year 2024 and the fourth quarter of the year with revenue increasing 32 per cent to over $4.01 billion and 41 per cent to $1.19 billion respectively.
The rise in revenue led to an all-time high EBITDA of $2,01 billion, up 36 per cent from $1.48 billion in 2023, with a 50 per cent margin. It also raised the full-year net profit to $1.304 billion, up 26 per cent year-on-year.
ADNOC Drilling record performance
For the fourth quarter 2024, while revenue grew 41 per cent, EBITDA also grew 41 per cent YoY to $596 million and net profit was $399 million, growing at a pace closer to EBITDA.
Growth was fuelled by the expansion of onshore and offshore fleets, as well as the continued growth of the oilfield services (OFS) segment. At the end of Q4 2024, the fastest-growing drilling company globally integrated 23 new rigs into operations to reach 142 owned rigs. This includes two jack-up rigs set to join in the first half of 2025.
There was strong growth across all segments.
Onshore revenue increased 33 per cent to $554 million from $416 million, mainly due to new rigs commencing operations and the contribution from the unconventional business.
Offshore jack-up revenue increased 17 per cent YoY to $264 million from $225 million, while Oilfield Services (OFS) revenue jumped 111 per cent to $313 million from $148 million, driven by increased IDS, positive phasing related to directional drilling and pressure pumping, and revenue from the unconventional business.
Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, commented: “Our record-breaking financial performance demonstrates our constant commitment to maximising growth and returns for our shareholders, while delivering sustainable and innovative solutions to our customers. Our outstanding results reinforce ADNOC Drilling’s position as the world’s fastest-growing energy services company with net profit more than doubling since listing on ADX.
“As we remain focused on our future growth, we continue to expand our fleet and capabilities – at ADNOC Drilling and through our joint ventures, Enersol and Turnwell – to continue powering the future of energy with AI-enabled technology investments, sustainability and innovation.”
The Board of Directors recommended a final cash dividend payment of $394 million for 2024, equivalent to 9.05 fils per share. The total dividend for 2024 of $788 million (approximately 18.1 fils per share) represents a 10 per cent increase versus 2023. The final dividend is expected to be distributed in the first half of April 2025.
The company also released its financial guidance for 2025, expecting revenue to increase 15-20 per cent to $4.6 billion to $4.8 billion range and touch the $5 billion mark by FY2026. EBITDA is projected to reach $2.15 billion to $2.3 billion. Net profit will grow to $1.35 billion to $1.45 billion.
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