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ADNOC Drilling Co., a subsidiary of Abu Dhabi’s national oil company ADNOC, said it would pay a higher dividend as second-quarter 2022 net profit rose 19% year-on-year to $204 million due to higher onshore prices and field revenue.
Revenue for the quarter rose 11 percent year-on-year to $668 million, mainly driven by the onshore and oilfield services segment, the company said in an exchange filing with the Abu Dhabi Stock Exchange (ADX) on Tuesday.
EBITDA for the second quarter of 2022 rose 7% to $300 million, with a margin of 45.7%.
In the first half of this year, the driller posted a net profit of $379 million, up 34 percent from a year earlier. Revenue was $702 million, up 24% “primarily due to the addition of new rigs to the fleet,” the company said.
ADNOC Drilling added eight rigs during the period. The combined value of these acquisitions forms part of the company’s three-year capex guidance of $250-300 million “as well as a strategic roadmap to grow the fleet to 122 rigs by the end of 2024.”
The company’s board of directors announced a 5% increase in the interim dividend to $341 million, or Phil 7.83 per common share, to be paid in the fourth quarter. It added that the dividend increase “reflects ADNOC Drilling’s strong and visible future cash flow, while providing ample scope to invest in long-term future growth”.
On July 27, ADNOC Drilling was awarded ADNOC’s $2 billion offshore drilling rig and drilling services contract. On August 5, the company was awarded another set of contracts worth $3.4 billion from the Abu Dhabi oil major.
(Writing by Brinda Darasha; Editing by Cleofe Maceda)
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