ADNOC Drilling has reported record revenue of USD 3.71 billion for the first nine months of 2026, representing a 2% year-on-year increase from USD 3.63 billion. EBITDA rose 2% to USD 1.66 billion, while net profit increased 1% to USD 1.07 billion, compared with USD 1.06 billion in the corresponding period of 2025.
The company maintained an EBITDA margin of 45% and a net profit margin of 29%, while earnings per share increased approximately 1% to USD 0.0667 from USD 0.0663. The performance was supported by drilling operations, expanding Oilfield Services (OFS), technology-enabled solutions and contributions from regional operations.
ADNOC Drilling’s Board of Directors approved a total third-quarter 2026 dividend of USD 350 million (approximately AED 1.29 billion), equivalent to approximately 8.03 fils per share. The distribution comprises a USD 262.5 million base quarterly dividend and the first USD 87.5 million tranche of a USD 175 million discretionary dividend. Both approved components are expected to be paid in the second half of November 2026 to shareholders on record as of November 5, 2026.
The remaining USD 87.5 million discretionary dividend tranche has been endorsed by the Board but remains subject to shareholder approval, with payment expected around April 2027 if approved. Including this proposed tranche, ADNOC Drilling expects total dividends attributable to 2026 to reach USD 1.225 billion, representing a 22.5% increase over 2025. Its progressive dividend policy also establishes an annual dividend floor of USD 1.05 billion for 2026, increasing by at least 5% annually through 2030.
Operationally, onshore drilling revenue increased 5% year-on-year during the nine-month period, supported by the consolidation of regional operations, while offshore drilling revenue grew 4%, benefiting from additional capacity. The company’s AI-enabled island rigs, AD-300 and AD-301, are part of its fleet expansion programme, alongside four additional planned rigs. Meanwhile, its Enersol portfolio company Deep Well Services completed an 11-well unconventional programme in Abu Dhabi in 44 days, finishing 33 days ahead of schedule.
ADNOC Drilling also launched its new Drill-to-Operate strategy, designed to expand its activities beyond traditional well construction into completions, intervention, production support, maintenance and optimisation. The strategy builds on its existing Oilfield Services operations, Turnwell, Enersol and regional partnerships, with a focus on capturing additional revenue across the full lifecycle of oil and gas wells.
Looking ahead, ADNOC Drilling reaffirmed its full-year 2026 guidance, targeting approximately USD 5 billion in revenue, USD 2.2 billion in EBITDA and USD 1.45 billion in net profit. The company expects an EBITDA margin of approximately 44%, free cash flow excluding acquisitions of USD 1.2–1.3 billion and capital expenditure excluding acquisitions of approximately USD 600 million.
For 2027, the company expects low-to-mid single-digit revenue growth, an EBITDA margin broadly consistent with 2026 and relatively stable net profit, as higher depreciation and financing costs are expected to offset operational growth. ADNOC Drilling also plans approximately USD 500 million in growth capital expenditure during 2027 as it continues expanding its technology-enabled services and regional operations.
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
