ADNOC Drilling Company PJSC
Ticker/ISIN
ADNOCDRILL
AEA007301012
Market/Country
Abu Dhabi Stock Exchange
United Arab Emirates
About ADNOC Drilling Company PJSC
We are the largest national drilling company in the Middle East by rig fleet size, with 107 rigs, out of which 96 rigs are owned and 11 are rented, as of 30 June 2021 and the sole provider of drilling rig hire services and certain associated rig-related services to the ADNOC group on agreed contractual terms. We provide our customers with a full suite of drilling services, including drilling rigs hire services and certain associated rig-related services in Abu Dhabi and oilfield services (such as integrated drilling services, wireline, directional drilling, cementing, pressure pumping, logging and fluids, and hydraulic fracturing). Approximately half of our fleet is less than five years old and 29 of our rigs are performing integrated drilling services to our customers. From our inception through 31 December 2020, we have drilled over 9,600 wells with a total distance of over 70 million feet. In the first half of 2021, we drilled 286 additional wells.
Latest Pressrelease Summaries from ADNOC Drilling Company PJSC
Enersol has signed an agreement to acquire a 95% equity stake in Deep Well Services (DWS) for $223 million, as part of its growth strategy to become a technology-focused investment platform. DWS, established in the U.S. in 2008, utilizes advanced technology, data analytics, and automation to improve energy sector performance and sustainability. This acquisition marks Enersol's fourth, bringing its total investment commitments to nearly $800 million. The transaction is pending regulatory approvals and other standard conditions.
ADNOC Drilling Company P.J.S.C. has released a review report and condensed consolidated financial information for the nine-month period ending on September 30, 2024.
ADNOC Drilling Company P.J.S.C. released its Management Discussion & Analysis Report for the third quarter of 2024 on October 30, 2024. The report provides an overview of the company's financial performance and operations during this period.
ADNOC Drilling announced record-breaking financial results for the third quarter of 2024, with revenue surpassing $1 billion, marking a 32% increase compared to the previous year. These exceptional results have exceeded market expectations and led to an update in the company's 2024 guidance. ADNOC Drilling is noted as the fastest-growing drilling company globally, planning to integrate over 20 operational rigs in 2024. The company's growth is supported by strategic, technology-focused acquisitions by Enersol, adding further value. ADNOC Drilling's CEO, Abdulrahman Abdulla Al Seiari, highlighted the company's commitment to strategic growth and operational excellence, which is enhancing earnings potential. The company's revenue growth is attributed to the expansion of its onshore and offshore fleets and the growth of its oilfield services segment, supported by contributions from the Turnwell and Enersol joint ventures.
ADNOC Drilling Company announced the formation of the Turnwell joint venture with SLB and Patterson-UTI, aimed at accelerating a $1.7 billion unconventional oil and gas well program. The venture will expedite the delivery of 144 wells, with potential for additional wells in a second phase. Turnwell will leverage Enersol’s technology to enhance cost efficiency and safety. ADNOC Drilling will hold a 55% stake in Turnwell, SLB 30%, and Patterson-UTI 15%. The acceleration of the well program is expected to positively impact ADNOC Drilling's 2025 earnings and long-term growth.
Date: 2 September 2024
The Disclosures and Compliance Section of the Market Operations and Surveillance at Abu Dhabi Securities Exchange has received a notification regarding the completion of an acquisition. ADNOC Drilling Company PJSC and Alpha Dhabi Holding PJSC have announced that their joint venture, Enersol RSC LTD, has completed the acquisition of an additional 42.206% equity stake in Gordon Technologies LLC. This acquisition increases Enersol's total equity stake in Gordon Technologies to 67.2%.
Sincerely,
Abdulrahman Abdulla Alseiari
Chief Executive Officer
Copy to: Securities and Commodities Authority
Date: 2 September 2024
To: Disclosures and Compliance Section, Market Operations and Surveillance, Abu Dhabi Securities Exchange, Abu Dhabi, UAE
Subject: Notification for the completion of acquiring an additional equity stake of around 42.2% in Gordon Technologies LLC
ADNOC Drilling Company PJSC and Alpha Dhabi Holding PJSC announce that their joint venture, Enersol RSC LTD, has completed the acquisition of an additional 42.206% equity stake in Gordon Technologies LLC. This brings Enersol's total equity stake in Gordon to 67.2%.
Sincerely,
Abdulrahman Abdulla Alseiari
Chief Executive Officer
Copy to: Securities and Commodities Authority
On September 2, 2024, the Abu Dhabi Securities Exchange was notified by ADNOC Drilling Company PJSC and Alpha Dhabi Holding PJSC that their joint venture, Enersol RSC LTD, has completed the acquisition of an additional 42.206% equity stake in Gordon Technologies LLC. This acquisition brings Enersol's total equity stake in Gordon Technologies to 64.206%. This follows an earlier announcement made on June 11, 2024. The notification was signed by Abdulrahman Abdulla Alseiari, Chief Executive Officer, with a copy sent to the Securities and Commodities Authority.
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News Update From ADNOC Drilling Company PJSC
Disclosures: ADNOC Drilling Company PJSC Financial Results Summary for the Period Ended December 31,2019
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