ADNOC Drilling Company recently announced record financial results for the fourth quarter and full year ending December 31, 2024. The company’s revenues surged 32 percent annually to $4.03 billion last year, while the full-year EBITDA grew 36 percent to $2.01 billion.
ADNOC Drilling also revealed that its full-year net profit rose 26 percent to a record $1.30 billion.
“Our outstanding 2024 financial 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,” stated Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO.
Q4 2024 revenues hit $1.19 billion
For the fourth quarter of 2024, revenue grew 41 percent year-on-year to $1.19 billion, driven by increased activity and growth of onshore and offshore fleets and the expansion of oilfield services (OFS). EBITDA grew 41 percent year-on-year to $596 million and net profit was $399 million, growing at a pace closer to EBITDA.
At the end of Q4 2024, ADNOC Drilling’s fleet consisted of 142 owned rigs. In 2024, the company also operationalized 23 rigs, including two jack-up rigs set to join in H1 2025.
“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,” added Al Seiari.
Enersol and Turnwell support growth
In the fourth quarter of 2024, Enersol signed an agreement to acquire a 95 percent equity stake in Deep Well Services (DWS) for $223 million. DWS leverages advanced technology, data analytics and automation to enhance performance and sustainability in the energy sector. The acquisition advances Enersol’s strategic vision to be an AI-centric investment company at the forefront of a new era in energy services. Enersol also closed its NTS and EV acquisitions.
In addition, Turnwell successfully delivered the first wells to ADNOC in under 16 days, and within weeks after the JV was closed by the partners, setting a new benchmark for well delivery. Turnwell has a mandate to responsibly unlock Abu Dhabi’s world-class unconventional energy resources to meet the growing global demand for affordable, accessible energy.
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Total dividend grows 10 percent
ADNOC Drilling’s board of directors recommended a final cash dividend payment of $394 million for 2024 (9.05 fils per share), subject to shareholder approval at the upcoming annual general meeting.
The resulting total dividend for 2024 of $788 million represents a 10 percent year-on-year increase versus 2023. The final 2024 dividend is expected to be distributed in the first half of April 2025. The dividend will then increase to at least $867 million for 2025 based on the minimum 10 percent year-on-year increase.
