Abu Dhabi National Oil Company’s drilling subsidiary, Adnoc Drilling, approved a cash dividend of $325 million, or 7.46 fils per share, for the fiscal year ended on December 31 as its profits rose.
This brings the total dividend to $685m for last year, the company said in a statement on Wednesday.
“Our shareholders’ approval of the very attractive 2021 final dividend of $325m in Adnoc Drilling’s inaugural AGM [annual general meeting] is cemented by the company’s strong full-year results and its unique role as Adnoc’s sole drilling services provider,” Dr Sultan Al Jaber, chairman of Adnoc Drilling, said.
“Adnoc Drilling will continue to deliver the thousands of wells required for Adnoc’s significant production capacity growth targets, resulting in ongoing demand for drilling services and enabling sustainable growth while ensuring robust future returns for our shareholders.”
In February, Adnoc Drilling reported a 6 per cent rise in its full-year 2021 net income on the back of higher revenue. Net profit for the 12-month period climbed to $604m.
Revenue for the reporting period rose to $2.27 billion from $2.09bn at the end of 2020. The company attributed the rise in revenue to additional drilling services provided to Adnoc, Adnoc Onshore and Adnoc Offshore operations.
The company remains committed to a progressive dividend policy and “we remain firmly on track to deliver on our objective to achieve 5 per cent annual growth in our dividend over the next five years”, Dr Al Jaber said.
Adnoc Drilling raised more than $1.1bn in September from its initial public offering.
It is one of the largest drilling companies in the Middle East, operating more than 105 onshore, offshore and island rigs. The company, which began operations in 1972, has expanded its fleet of rigs, adding more than 65 since 2010, in line with the growth in oil and gas production capacity at Adnoc.
“Looking across 2022, we expect to accelerate our growth trajectory, driven by our new world-class rigs coming online, continued investments in integrated drilling services and technology, and a laser focus on driving cost efficiencies while ensuring we continue to deliver long-term value to our shareholders,” Abdulrahman Al Seiari, chief executive of Adnoc Drilling, said.
SUCCESSION%20SEASON%204%20EPISODE%201
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Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
KILLING OF QASSEM SULEIMANI
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
How to vote in the UAE
1) Download your ballot https://www.fvap.gov/
2) Take it to the US Embassy
3) Deadline is October 15
4) The embassy will ensure all ballots reach the US in time for the November 3 poll
Killing of Qassem Suleimani
COMPANY%20PROFILE
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How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Killing of Qassem Suleimani
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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