阿布扎比国家石油钻井公司（ADNOCDRIUH）：业绩良好，重申2025财年指引

Financial Performance - ADNOCDRI reported Q1 2025 revenue of $1.17 billion, exceeding consensus expectations of $1.11 billion[3] - Q1 2025 net income was $341 million, surpassing the consensus estimate of $332 million[3] - The EBITDA margin for Q1 2025 was 46%, slightly below the expected 47%[3] Fiscal Guidance - The company reaffirmed its FY 2025 revenue guidance of $4.6 billion to $4.8 billion[3] - Capital expenditure guidance for FY 2025 was raised to $350 million to $550 million, representing a 26% completion of the revised guidance[3] Business Segments - Onshore drilling revenue is projected to be between $1.95 billion and $2.1 billion[3] - Offshore self-elevating and island drilling revenue is expected to range from $1.35 billion to $1.45 billion[3] - Oil service revenue is forecasted to be between $1.1 billion and $1.25 billion[3] Dividend Policy - The company has a progressive dividend policy, targeting at least a 10% year-on-year increase in dividends over the next five years[4] - For FY 2025, dividends are expected to reach at least $867 million, with a current yield of approximately 4%-5%[4] Growth Strategy - The total number of owned drilling rigs is expected to increase from 142 at the end of FY 2024 to over 151 by FY 2028, and ultimately to 190 by 2030[6] - The company plans to add one island rig by the end of FY 2025 and two more in the second half of FY 2026[6] Risks - Key risks include potential slowdown in energy demand, unplanned rig maintenance, execution risks, and lack of further capacity increases[7]