Abu Dhabi, UAE– ADNOC Drilling Company reported a net profit of $802 million for 2022, a 33 percent year on year increase.
Full year earnings before EBITDA was $1.23 billion, with a margin of over 46 percent, which ADNOC attributed to progress on the delivery of further cost efficiencies.
ADNOC Drilling’s revenue for the year increased to US$2.67 billion, up 18 percent compared to 2021. Year-on-year revenue growth was led by the Onshore and Oilfield Services (OFS) segments, while all segments achieved positive year-on-year performance as the company enables ADNOC’s accelerated production capacity target of five million barrels per day by 2027, the company said.
The company said it achieved record revenue ($733 million), EBITDA and net profit ($234 million) during the fourth quarter of 2022, while its fleet expansion program delivered the “highest-ever number of operational rigs, bolstering growth and charting a clear course for further expansion in 2023 and beyond”.
The added 16 new drilling units in 2022, establishing one of the world’s largest drilling and well completion fleets consisting of 115 rigs.
The final dividend for 2022 is expected to increase by a minimum of 5 percent, in line with the highly competitive and progressive 5-for-5 dividend policy demonstrating a commitment to sustained value creation for shareholders.