Core Insights - The article highlights the achievements of Shengli Oil Engineering Company's New Victory No. 2 platform, which has set a record for drilling performance in the past decade with a total drilling depth of 40,379 meters this year [1] Group 1: Drilling Performance - New Victory No. 2 platform has successfully drilled 20 wells and completed 19 wells, achieving the best annual drilling performance for a single platform in nearly ten years [1] - The platform has maintained a 100% daily fee acquisition rate for four consecutive months since entering the daily fee market [1] Group 2: Equipment Management - The company has implemented a "full chain responsibility system" for equipment management, which includes a "gap maintenance method" and a "hidden danger elimination storm" initiative [1] - The equipment failure downtime rate has been reduced from 3% to 0%, ensuring the reliability of equipment for daily fee acquisition [1] Group 3: Workforce Training - The company emphasizes workforce training through activities such as "standardized shift handover" and "position drills," enhancing overall employee skill levels [1] - In the Bohai South Well Group project, seven KPI indicators met the A-class drilling platform standards, receiving high praise from clients and establishing a benchmark for safe, high-quality, and efficient construction [1]

Performance Overview - ADNOC Drilling reported Q2 2025 revenue of $1.197 billion, exceeding market expectations of $1.172 billion[2] - Adjusted net profit for Q2 2025 was $351 million, higher than the anticipated $345 million[2] - EBITDA margin for Q2 2025 remained stable at 46%, aligning with market expectations[2] Fiscal Year Guidance - The revenue guidance for FY 2025 has been raised to a range of $4.65 billion to $4.8 billion, up from the previous range of $4.6 billion to $4.8 billion[3] - Net profit guidance for FY 2025 is now projected between $1.375 billion and $1.45 billion, compared to the prior range of $1.35 billion to $1.45 billion[3] - Capital expenditure guidance for FY 2025 remains unchanged at $350 million to $550 million[3] Dividend Policy - ADNOC Drilling aims for a minimum annual dividend growth rate of 10% over the next five years, with FY 2025 dividends expected to reach at least $867 million[4] Unconventional Projects - The company has eight drilling rigs operational in its unconventional projects, with a potential EBITDA margin of over 20% in the long term[5] - Final investment decision (FID) for the second phase of unconventional projects is expected by the end of FY 2025 or early FY 2026[5] Growth Strategy - ADNOC Drilling plans to increase its total number of drilling rigs from 149 to over 151 by FY 2028, with a target of 190 rigs by FY 2030[6]

Core Viewpoint - The company has achieved significant improvements in drilling efficiency and cost management through technological integration, production coordination, and targeted cost control, leading to enhanced operational performance in offshore drilling. Group 1: Drilling Performance - In the first quarter, the company’s offshore drilling operations achieved a cumulative drilling depth of 41,900 meters, an increase of 7,255 meters compared to the same period last year, equivalent to the workload of an additional drilling platform [1] - The company has successfully implemented a "less machinery, higher output" practice, maintaining the same number of drilling platforms while increasing productivity [1][3] Group 2: Technological Integration - The company has established a "433" engineering technology integration system tailored to the unique characteristics of the Victory sea area, transitioning from experience-based drilling to scientific drilling [4] - The average mechanical speed of the second opening of the Chengbei 256B-7 well increased by 46.3% compared to other wells, significantly improving construction efficiency [4] - The company has optimized drilling techniques, achieving a record length of 709 meters for horizontal sections in the Chengbei 256A well [5] Group 3: Production Coordination - The company has reduced the trial oil production cycle by over 10% through seamless coordination between drilling and downhole operations, ensuring efficient transitions from drilling to production [6] - The company has implemented a unified command for production, enhancing collaboration among various departments and achieving same-day platform deployment and operations [6][7] Group 4: Cost Control - Diesel accounts for over 40% of drilling costs, and the company has achieved a usage rate of 64 kilograms per meter for the new Victory No. 1 platform, leading in fuel efficiency [8] - The company has expanded its lean management approach to include all platforms and project departments, setting a revenue target of 11.25 million yuan through focused cost control initiatives [8] - The company has detailed the cost management process across eight core drilling engineering aspects and over 70 cost factors to enhance profitability [9]