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  • UAE Flag
    FIRST LOOK NOTES
    13 May 2025
    ADNOC Drilling
    BUY
    AED 5.39
    AED 6.25
    +15.96%

    UAE Equity Research - ADNOC Drilling 1Q25 - First Look Note

    OFS segmental revenue grew significantly from USD 146 Mn in 1Q24 to USD 342 Mn in 1Q25, mainly driven by USD 122 Mn revenue from the unconventional business, coupled with increased IDS activity and provision of more discrete services. ADNOCDRILL was operating 95 onshore and 47 offshore, with a rig availability of 96%, as of 1Q25.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    12 May 2025
    ADNOC Drilling
    BUY
    AED 5.25
    AED 6.25
    +19.05%

    UAE Equity Research - ADNOC Drilling 1Q25 - Earnings Call Insight

    Net revenue grew strongly 32.1% YOY to USD 1,170 Mn in 1Q25 driven by the expansion of operations. Onshore Segment revenue grew 20.1% YOY to USD 494 Mn in 1Q25, primarily due to new rigs starting operations and USD 30 Mn contribution from unconventional activity related to land drilling.
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  • UAE Flag
    FIRST LOOK NOTES
    27 Feb 2025
    ADNOC Drilling
    ACCUMULATE
    AED 5.51
    AED 6.25
    +13.43%

    UAE Equity Research - ADNOC Drilling (ADNOCDRI) 4Q24 - First Look Note

    OFS segmental revenue grew significantly from USD 148 Mn in 4Q23 to USD 313 Mn in 4Q24, owing to growth in IDS activities, specifically positive phasing during 4Q24 related to pressure pumping, directional drilling and unconventional business.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    14 Feb 2025
    ADNOC Drilling
    ACCUMULATE
    AED 5.58
    AED 6.25
    +12.01%

    UAE Equity Research - Adnoc Drilling (ADNOCDRI) 4Q24 - Earnings Call Insight

    Net revenue grew strongly 41.2% YOY to USD 1,187 Mn in 4Q24 driven by the expansion of operations. The half of the growth is driven by activity phasing in the oilfield services (OFS) segment and cost reimbursement in Onshore.
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  • UAE Flag
    FIRST LOOK NOTES
    07 Nov 2024
    ADNOC Drilling
    ACCUMULATE
    AED 5.23
    AED 5.85
    +11.85%

    UAE Equity Research - ADNOC Drilling 3Q24 - First Look Note

    EBITDA rose 34.0% YOY to USD 510 Mn in 3Q24 while EBITDA margin grew 65 bps YOY but fell 74 bps QOQ to 49.7% in 3Q24. The Company revised its revenue guidance from USD 3.7-3.85 Bn to USD 3.8-3.9 Bn, while EBITDA guidance also revised from USD 1.80-1.95 Bn to USD 1.85-1.95 Bn in 2024.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    01 Nov 2024
    ADNOC Drilling
    ACCUMULATE
    AED 5.14
    AED 5.85
    +13.81%

    UAE Equity Research - ADNOC Drilling 3Q24 - Earnings Call Insight

    Net revenue grew strongly 32.2% YOY to USD 1,026 Mn in 3Q24 driven by the expansion of onshore & offshore fleets, coupled with continued growth of the oilfield services (OFS) segment. The initial contributions from the Turnwell and the Enersol joint ventures further boosted growth. Onshore Segment revenue grew 28.5% YOY to USD 486 Mn in 3Q24, primarily due to new rigs starting operations.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    ADNOC Drilling
    ACCUMULATE
    AED 4.60
    AED 5.10
    +10.87%

    Higher operational efficiency boosted drove profitability and raised guidance

    ADNOC Drilling's net revenue grew 29.2% YOY to USD 935 Mn in 2Q24 due to the commencement of operations of new rigs and an overall increase in business activity across all segments
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  • UAE Flag
    FIRST LOOK NOTES
    19 Jun 2024
    ADNOC Drilling
    BUY
    AED 4.09
    AED 4.80
    +17.36%

    Increase in drilling activities and rig expansion boosted profitability

    ADNOC Drilling's net revenue grew 23.7% YOY to USD 886 Mn in 1Q24 due to an increase in drilling activity and expansion of drilling fleet
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  • UAE Flag
    FIRST LOOK NOTES
    16 Feb 2024
    ADNOC Drilling
    ACCUMULATE
    AED 3.75
    AED 4.30
    +14.67%

    Robust rig fleet expansion program supported the upstream growth plans

    ADNOCDRILL delivered a robust performance with a 14.7% YOY rise in topline and 20.3% YOY growth in EBITDA in 4Q23.
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