ADNOC Drilling Reports Record Full-Year Results with $1.3 Billion Net Profit

2024 Revenue Surges 32% to Over $4 Billion; EBITDA Reaches Record $2 Billion with 50% Margin February 13, 2024: ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX: ADNOCDRILL) has announced record financial results for the fourth quarter and full year ending December 31, 2024, underscoring its position as the world’s fastest-growing drilling company. Financial Highlights: Full-year revenue: $4.03 billion, up 32% year-on-year Full-year EBITDA: $2.01 billion, up 36% year-on-year, with a 50% margin Full-year net profit: $1.3 billion, up 26% year-on-year, with a 32% margin Operational Milestones: Integrated 23 new rigs into operations, increasing fleet size to 142 owned rigs by year-end 2025 and mid-term guidance issued, targeting revenue of approximately $5 billion by 2026 and an increase to 151+ rigs by 2028 Total expected 2024 dividend distribution of $788 million (18.1 fils per share), reflecting a 10% increase year-on-year CEO Commentary Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, stated: “Our record-breaking financial performance highlights our commitment to maximizing growth and shareholder returns while delivering innovative and sustainable energy solutions. Since our ADX listing, net profit has more than doubled, solidifying our position as the fastest-growing energy services company globally. We continue to expand our fleet and capabilities, leveraging AI-enabled technologies and sustainability initiatives to drive future growth.” Dividend Announcement The Board of Directors has recommended a final 2024 cash dividend of $394 million (9.05 fils per share), subject to shareholder approval at the upcoming Annual General Meeting (AGM). This brings the total 2024 dividend to $788 million, with an expected payout in the first half of April 2025. The dividend is projected to increase by at least 10% in 2025, reaching $867 million. Q4 2024 Performance Revenue: $1.19 billion (+41% YoY) EBITDA: $596 million (+41% YoY) Net Profit: $399 million (+21% YoY) ADNOC Drilling expanded its operations significantly, with its onshore and offshore fleets contributing to increased revenue and higher oilfield services (OFS) activity. 2024 Full-Year Segmental Growth: Onshore Revenue: $554 million (+33% YoY), driven by new rigs and unconventional business expansion Offshore Jack-up Revenue: $264 million (+17% YoY), supported by higher activity levels Offshore Island Revenue: $56 million (+8% YoY) Oilfield Services (OFS) Revenue: $313 million (+111% YoY), fueled by increased integrated drilling services (IDS) and directional drilling 2025 and Mid-Term Growth Outlook ADNOC Drilling has issued its 2025 financial guidance, projecting: Revenue: $4.60 – $4.80 billion EBITDA: $2.15 – $2.30 billion (46% – 48% margin) Net Profit: $1.35 – $1.45 billion (28% – 30% margin) CapEx: $350 – $550 million (excluding M&A) Dividend: At least $870 million (+10% YoY) The company also reaffirmed its medium-term outlook, targeting revenue of $5 billion by 2026 and a fleet expansion to 151+ rigs by 2028. Strategic Initiatives and Acquisitions Enersol Acquires Deep Well Services (DWS): Enersol completed a $223 million acquisition of DWS, enhancing its technological and automation capabilities in energy services. Turnwell Joint Venture: ADNOC Drilling, SLB, and Patterson-UTI successfully launched Turnwell, delivering its first wells in under 16 days, setting new efficiency benchmarks. ADNOC Drilling continues to drive sustainable growth and operational excellence, solidifying its leadership in the global energy industry.2024 Revenue Surges 32% to Over $4 Billion; EBITDA Reaches Record $2 Billion with 50% Margin Abu Dhabi, UAE – February 13, 2024: ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX: ADNOCDRILL) has announced record financial results for the fourth quarter and full year ending December 31, 2024, underscoring its position as the world’s fastest-growing drilling company. Financial Highlights: Full-year revenue: $4.03 billion, up 32% year-on-year Full-year EBITDA: $2.01 billion, up 36% year-on-year, with a 50% margin Full-year net profit: $1.3 billion, up 26% year-on-year, with a 32% margin Operational Milestones: Integrated 23 new rigs into operations, increasing fleet size to 142 owned rigs by year-end 2025 and mid-term guidance issued, targeting revenue of approximately $5 billion by 2026 and an increase to 151+ rigs by 2028 Total expected 2024 dividend distribution of $788 million (18.1 fils per share), reflecting a 10% increase year-on-year CEO Commentary Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, stated: “Our record-breaking financial performance highlights our commitment to maximizing growth and shareholder returns while delivering innovative and sustainable energy solutions. Since our ADX listing, net profit has more than doubled, solidifying our position as the fastest-growing energy services company globally. We continue to expand our fleet and capabilities, leveraging AI