Adnoc Drilling Company Pjsc · ADX:ADNOCDRILL
Adnoc Drilling Company Pjsc — Q1 2025 Earnings Presentation
22 slides from Adnoc Drilling Company Pjsc's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Results Presentation
FIRST QUARTER 2025 RESULTS PRESENTATION MAY 8, 2025 1
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by ADNOC Drilling Company PJSC (the “Company”) based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herein solely for informational purposes. It should not be constru
Slide 3: Unique Business Model Provides Visibility & Growth
UNIQUE BUSINESS MODEL PROVIDES VISIBILITY & GROWTH ADNOC Drilling inherently resilient business model positions it uniquely to navigate volatile and uncertain environment High-quality Stellar track record Industry-leading earnings profile of growth margins Revenue underpinned by long-term Net income
Slide 4: Strong First Quarter 2025
STRONG FIRST QUARTER 2025 DOUBLE DIGIT YEAR-ON-YEAR GROWTH ACROSS KEY FINANCIAL METRICS 1Q25 1Q25Highlights Highlights Milestones Quarterly Dividend Distributions Top-line growth +32% YoY Highlights142 rigs Transitioning to quarterly dividend payments Revenue to $1.17bn +5 rigs YoY (more details on
Slide 5: Sustaining Growth with New Venues
SUSTAINING GROWTH WITH NEW VENUES ENERSOL COMPLETES ACQUISITION OF DWS, UNCONVENTIONAL PROGRESSING AND REGIONAL EXPANSION Enersol Unconventional Resources Regional Expansion • Acquired four companies, cumulative total • At quarter end, 34 wells of the 144 well • ADNOC Drilling’s contract extension w
Slide 6: Operational & Financial Highlights
2. OPERATIONAL & FINANCIAL HIGHLIGHTS ADNOC DRILLING
Slide 7: Expanding Operations – Middle East's Largest Fleet
EXPANDING OPERATIONS – MIDDLE EAST’S LARGEST FLEET KEY OPERATIONAL HIGHLIGHTS Owned Rigs Drilling Average Durations (Days) Commentary Onshore Offshore Onshore Offshore 137 142 142 92 92 85 › Fleet count at 142 rigs, up 4% YoY. 45 47 47 Rig availability of 96% in 1Q25. 48 49 44 › Two new jack-up rigs
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS FIRST QUARTER 2025 OVERVIEW Revenue ($ Million)1 EBITDA ($ Million)1 Net Income ($ Million)1 % growth % growth % growth +7%1 596 1,170 1,187 1,170 ≅ 533 399 533 ≅ 341 341 32% 22% 24% 437 275 886 1Q24 1Q25 4Q24 1Q25 1Q24 1Q25 4Q24 1Q25 1Q24 1Q25 4Q24 1Q25 Cash from Operations ($
Slide 9: Segmental Revenue
SEGMENTAL REVENUE YEAR-ON-YEAR GROWTH ACROSS ALL SEGMENTS Onshore ($ Million) Offshore ($ Million) Oilfield Services ($ Million) % growth % growth % growth 20% -11% 2% 334 4% 334 134% 342 9% 342 329 320 313 554 494 494 411 146 1Q24 1Q25 4Q24 1Q25 1Q24 1Q25 4Q24 1Q25 1Q24 1Q25 4Q24 1Q25 › First quart
Slide 10: EBITDA Generation
EBITDA GENERATION INDUSTRY-LEADING MARGINS Onshore ($ Million) Offshore ($ Million) Oilfield Services ($ Million) % growth % growth % growth 29% 285 11% 82 -14% 3% 246 246 50% 236 229 236 213 -38% 190 51 51 34 1Q24 1Q25 4Q24 1Q25 1Q24 1Q25 4Q24 1Q25 1Q24 1Q25 4Q24 1Q25 › First quarter EBITDA increas
Slide 11: Guidance Reiterated, Showing Resilience to Volatility
GUIDANCE REITERATED, SHOWING RESILIENCE TO VOLATILITY FY2025 AND MEDIUM-TERM GUIDANCE (USD, Billion) FY2025 Guidance Medium-Term Guidance Revenue 4.60 – 4.80 • FY 2026 Revenue expected at ~$5 billion Onshore Revenue 1.95 – 2.10 • Around 50% conventional EBITDA margin Offshore Revenue (Jack-up & Isla
Slide 12: Closing Remarks
5. CLOSING REMARKS ADNOC DRILLING
Slide 13: Closing Remarks
CLOSING REMARKS Double digit year-on-year Final dividend distribution Growth momentum Delivering on our ESG growth in all key financial paid to shareholders in continues through Enersol agenda by pursuing metrics April 2025 and Turnwell ambitious goals Resilience in volatility, paving the way for fu
Slide 14: Appendix
ADNOC Drilling Brg APPENDIX ADNOC DRILLING
Slide 15: Transition into Quarterly Dividend Payments
TRANSITION INTO QUARTERLY DIVIDEND PAYMENTS RESILIENT BUSINESS MODEL PROVIDES UNPARALLELED VISIBILITY FOR DISTRIBUTIONS QUARTERLY DIVIDEND PAYMENTS The Board of Directors approved dividends to be paid quarterly. The first quarterly dividend payment on 2025 will be for an amount of $217 million (~5 f
Slide 16: We Continue to Pursue Ambitious ESG Goals
WE CONTINUE TO PURSUE AMBITIOUS ESG GOALS ESG FRAMEWORK & PERFORMANCE HIGHLIGHTS Climate, Emissions and Energy Economic and Social Contribution Health, Safety and Security • GHG emission intensity at 0.16 KtCO2e for 1Q25 • Economic performance improved with the • TRIR at 0.58 for Q125 vs target of 0
Slide 17: Strong Cashflow & Balance Sheet
STRONG CASHFLOW & BALANCE SHEET HEALTHY CASH POSITION WITH AMPLE LIQUIDITY TO POWER RIG FLEET GROWTH Net Cash from Operating Activities ($ Million) Commentary 27 Cash from Operating Activities 110 521 (35) › Cash from operating activities stood at $521 million in 72 1Q25 347 › Net profit increased 2
Slide 18: CapEx & Working Capital
CAPEX & WORKING CAPITAL CapEx1 ($ Million) Commentary % revenue CapEx › 1Q25 CapEx including prepayments and accruals, 9% 1% 32% 1% amounted to $58 million for 1Q25 383 › ADNOC Drilling expects CapEx to be in a range between $0.35 - $0.55 billion for 2025, and this only includes maintenance CapEx an
Slide 19: Ample Financial Headroom
AMPLE FINANCIAL HEADROOM FLEXIBILITY FOR GROWTH AND CAPITAL ALLOCATION GUIDANCE Financial Headroom ($ Billion), indicative figures for illustrative purposes only ~ 4.5 ~ 2.3 ~ 2.2 ~ (2.1) ~ 0.4 FY25 EBITDA Guidance Mid-point Net Debt Potential 1Q25 Net Debt Financial Leverage Headroom Remaining cont
Slide 20: Financial Summary
FINANCIAL SUMMARY (USD, Million) 1Q25 1Q24 YoY 4Q24 QoQ Revenue 1,170 886 32% 1,187 -1% Opex1 (640) (451) 42% (594) 8% Share of profit of joint ventures2 3 2 50% 3 0% EBITDA3 533 437 22% 596 -11% Depreciation and amortization (130) (107) 21% (120) 8% Finance cost-net (29) (28) 4% (32) -9% Taxes (33)
Slide 21: Segmental Results
SEGMENTAL RESULTS (USD, Million) 1Q25 1Q24 YoY 4Q24 QoQ Revenue 1,170 886 32% 1,187 -1% Onshore 494 411 20% 554 -11% Offshore 334 329 2% 320 4% Oilfield Services (OFS) 342 146 134% 313 9% Total OPEX1 (640) (451) 42% (594) 8% Onshore (248) (221) 12% (270) -8% Offshore (98) (116) -16% (91) 8% Oilfield
Slide 22: Thank You
www.adnocdrilling.ae ir@adnocdrilling.ae THANK YOU ADNOC DRILLING
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