Adnoc Drilling Company  (Adnoc Drilling) announced an interim dividend payment of US$358 million, or 8.22 fils per share, for the first half of 2023. This represents another 5 percent year-on-year increase, in-line with the Company’s progressive dividend policy. The interim dividend distribution will be on or around October 27, 2023, to all shareholders of record as of October 19, 2023.

Abdulrahman Abdulla Al Seiari, Adnoc Drilling’s Chief Executive Officer, said, “This continued growth in dividend reflects Adnoc Drilling’s strong and visible cash flows and confidence in long-term growth. Our ability to deliver attractive, sustainable and growing shareholder returns is a testament to our focus on profitability and cash flow, with our customers’ growth plans and our own initiatives providing a solid pipeline of further growth.

“During the first half of 2023, we have continued the rapid and unprecedented expansion of our fleet, as well as signing contracts worth more than $2.4 billion. These long-term contracts, and our unique relationship with Adnoc, provide clear, long-term visibility on cashflows and earnings, as well as protection against market volatility.”

In the first half of 2023, Adnoc Drilling announced increased revenue of $1.4 billion, up 13 percent year-on-year, EBITDA of $677 million, up 17 percent year-on-year and net profit of $446 million, up 18 percent year-on-year.

The interim dividend 2023 delivers on the Company’s progressive dividend policy, reflecting the expectation of strong cash flow and long-term earnings visibility, while providing ample headroom to fund ongoing operations.

WAM