ADNOC Drilling announced that the full-year revenue increased significantly to a record $4.034 billion, rising by 32% year-on-year and its full-year EBITDA reached a record high of $2.01 billion, up 36% year-on-year.

Additionally the company’s net profit for the full year has more than doubled, reaching $1.30 billion in 2024.

Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said: “Our record-breaking financial performance and dividend reflect ADNOC Drilling’s strong momentum as the world’s fastest growing energy services company. With a 10% dividend increase to $788 million in 2024 and a commitment to further increase it by at least 10% in 2025 and beyond, we continue to deliver exceptional value to our shareholders while investing in the future.

“Our targeted expansion across the region, AI-powered rigs and cutting-edge oilfield services position us for even greater success. As we accelerate innovation through Enersol and unlock Abu Dhabi’s unconventional energy potential through Turnwell, ADNOC Drilling remains at the forefront of the industry – driving efficiency, sustainability and long-term progressive returns for our shareholders.”

Additonalky, the final shareholder-approved cash dividend payment for 2024 amounts to $394 million (c.9.05 fils per share). This brings the total 2024 dividend to $788 million (c.18.1 fils per share), representing a 10% year-on-year increase versus 2023. The dividend will be paid on or around April 11, 2025, to all shareholders of record as of March 27, 2025.

In 2025, ADNOC Drilling is set to enhance its operational capacity, projecting a rig count of over 148 by 2026 and more than 151 by 2028.

It’s joint venture with Alpha Dubai, Enersol, announced acquisitions worth $800 million to acquire majority stakes in four tech-enabled oilfield service companies, and looking ahead, it aims to solidify its position as an AI-centric investment company.