ADNOC Drilling Company PJSC
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Latest Pressrelease Summaries
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The text is a title for the reports and consolidated financial statements of ADNOC Drilling Company P.J.S.C. for the year ended 31 December 2023.
ADNOC Drilling Company PJSC has reported a 29% year-on-year increase in net profit for 2023, exceeding $1 billion and surpassing market expectations. The company's revenue for the full year was $3.057 billion, up 14% year-on-year, driven by operational growth and the addition of new rigs to the fleet. EBITDA for the year increased by 20% to $1.483 billion with an industry-leading EBITDA margin of 49%. The Board of Directors has recommended a final cash dividend of $358 million, representing a 5% year-on-year increase. ADNOC Drilling has also announced its full-year 2024 and medium-term guidance, reaffirming its focus on growth.
The Board of Directors of ADNOC Drilling Company PJSC will hold a meeting on 12 February 2024 at 3:30 PM in Abu Dhabi. The agenda of the meeting includes reviewing the company's audited financial statements for the year ended 31 December 2023, a proposal for holding the Annual General Assembly Meeting of the company and approving its agenda, a proposal for distributing a cash dividend for the second half of the year 2023, and other general business matters.
ADNOC Drilling has entered into a joint venture with Alpha Dhabi Holding PJSC, marking its first investment in Gordon Technologies. The announcement was made on January 11, 2024.
ADNOC Drilling and Alpha Dhabi have announced a joint venture (JV) incorporated at Abu Dhabi Global Market, aimed at pursuing global investments in energy technology and enhancing tech-enabled energy services. Alpha Dhabi has contributed a 25% stake in US-based Gordon Technologies to the JV, valued at approximately $180 million. The collaboration is expected to accelerate domestic economic development and diversification in Abu Dhabi, bring value accretive returns to shareholders, and support ADNOC Drilling's long-term dividend growth profile. Gordon Technologies is a leading provider of 'measurement while drilling' technology in the oil and gas industry in the US.
The document is a Management Discussion and Analysis Report from ADNOC Drilling Company P.J.S.C for the third quarter of 2023, dated November 14, 2023. The report likely provides insights into the company's financial performance, operational changes, and strategic decisions during this period.
ADNOC Drilling reported a 36% year-on-year increase in net profit to $257 million for the third quarter, with a 16% rise in revenue to $776 million, due to new rigs entering the operational fleet. EBITDA for the quarter was $381 million, a 27% increase from the previous year, leading to a 49% margin. The company also revised its full-year 2023 guidance upwards due to increased earnings visibility. The company's growth in the first nine months of 2023 was driven by increased activity and the expansion of its Oilfield Services. The company's strategy to expand its fleet and service offering has resulted in a total of 134 operational rigs.