Adnoc Drilling 2023 profit jumps 29% to $1bn

Abu Dhabi-listed Adnoc Drilling reported a 29 percent increase in net profit to $1 billion from $802 million a year ago, supported by its fleet expansion strategy and accelerated growth of oilfield services.

Revenue rose 14 percent annually to $3 billion, driven by offshore jack-up and oilfield services segments, which increased 31 percent and 37 percent, respectively.

The company added 14 new drilling units last year, including four lease-to-own land rigs, taking its owned and operated fleet size to 129 rigs. 

• Adnoc Drilling to explore regional buyouts
• Adnoc Drilling’s new JV targets $1.5bn investments
• Adnoc Drilling efficiency drive targets recruitment

Cash from operations fell 11 percent year on year to $1.4 billion.

During the fourth quarter of 2023, net profit rose 41 percent year on year to $329 million, as revenue jumped 15 percent annually to $841 million.

Adnoc Drilling’s board recommended a final dividend payment of $358 million for 2023, subject to shareholder approval. The final dividend is anticipated to be paid in the first half of April 2024.

As a result, total dividend will reach $717 million, a 5 percent year on year increase.

The company has projected revenue at $3.6-$3.8 billion and a net profit of $1-$1.3 billion for 2024.