Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, has recommended a dividend of $341.25 million, or 7.83 fils per share, for the second half of 2022.
This represents a 5 per cent annual increase and comes after the company posted a sharp rise in net profit for the year.
Following shareholder approval, this would bring the total dividend for 2022 to $682.5 million, the company said on Tuesday.
“The attractive value proposition that we offer is backed by our recently published record 2022 results, stable and predictable cash flow, and a progressive dividend policy that reaffirms our ongoing commitment to shareholders,” said chief executive Abdulrahman Al Seiari.
The annual distribution is expected to grow by at least 5 per cent annually on a dividend per share basis from 2023 to 2026, the company said.
The dividend increase comes after the company reported a growth of 61 per cent in its fourth-quarter net income on increased drilling activity as parent company Adnoc looks to boost its production capacity to five million barrels per day by 2027.
Adnoc Drilling has provided integrated drilling services to sister companies Adnoc Onshore and Adnoc Offshore since 2019.
In November, the company was awarded three framework agreements valued at $4 billion.
It also secured a $980 million contract from parent company Adnoc to hire two jack-up offshore rigs, associated manpower and equipment.
In August, it was awarded two contracts worth $1.5 billion and $1.9 billion by Adnoc Offshore to boost production capacity.
It also received two contracts worth $2 billion linked to Adnoc's Hail and Ghasha development project in July.
Last week, Adnoc Drilling signed an agreement to purchase 10 new-build hybrid power land drilling rigs for $252 million as part of its decarbonisation strategy.
The use of hybrid power solutions comes at a time when Adnoc is seeking to reduce greenhouse gas intensity by 25 per cent by 2030.
Adnoc Drilling said last year that was considering expanding within the GCC as drilling activity increased after a surge in crude oil prices.
Rig activity in the GCC — comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE — is a “huge” area in which Adnoc Drilling can “easily perform”, Mr Al Seiari told The National in an interview in November.
Oil and gas companies worldwide have benefitted from a surge in crude prices since Russia invaded Ukraine last year.
Brent, the benchmark for two thirds of the world’s oil, surged to about $140 a barrel in March 2022.
It has since given up most of its gains and was last trading at about $86 on Tuesday.
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MORE ON AFGHANISTAN
Zayed Sustainability Prize
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
How to vote
Canadians living in the UAE can register to vote online and be added to the International Register of Electors.
They'll then be sent a special ballot voting kit by mail either to their address, the Consulate General of Canada to the UAE in Dubai or The Embassy of Canada in Abu Dhabi
Registered voters mark the ballot with their choice and must send it back by 6pm Eastern time on October 21 (2am next Friday)
Transgender report
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The%20specs
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
Read part one: how cars came to the UAE
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
War on waste
Zayed Sustainability Prize
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Jack Moore: Why the assassination is such a monumental gamble
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COMPANY%20PROFILE
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Killing of Qassem Suleimani
National Editorial: Suleimani has been killed, now we must de-escalate
Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Tomorrow 2021
COMPANY%20PROFILE
School uniforms report
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• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
World Mental Health Day
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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Mohammed bin Zayed Majlis
Tomorrow 2021
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Tomorrow 2021
While you're here
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
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- Sam Williams: Departure is influenced by its sense of place
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Plastic tipping point
Plastic tipping points
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
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SPECS
Transgender report
While you're here
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
Read more from Aya Iskandarani
Mohammed bin Zayed Majlis
While you're here
Hussein Ibish: There are reasons for Democrats and Republicans to be happy
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- Con Coughlin: Choice of the British people will be vindicated
- Sam Williams: Departure is influenced by its sense of place
