ADNOC Drilling posts $1.07 billion nine-month profit
Board approves $350m Q3 payout as company outlines higher expected annual dividend
Dubai: ADNOC Drilling reported net profit of $1.07 billion for the first nine months of 2026 on Wednesday, with revenue reaching $3.7 billion as the company expanded its services and regional operations.
Earnings before interest, taxes, depreciation and amortisation, or EBITDA, stood at $1.66 billion for the period.
The board approved a third-quarter dividend of $350 million, equivalent to approximately 8.03 fils per share. The payout comprises a base quarterly dividend of $262.5 million and the first $87.5 million tranche of a planned $175 million discretionary dividend.
The second tranche remains subject to shareholder approval. If approved, the total expected dividend for 2026 would reach $1.225 billion, up 22.5 per cent from 2025.
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Services broaden earnings base
ADNOC Drilling said higher-value business lines, including Oilfield Services (OFS), technology-enabled solutions and regional operations, made a growing contribution to its results.
These activities are broadening its earnings base and adding revenue streams as it develops its Drill-to-Operate strategy, which extends its services across the full lifecycle of a well.
“Our nine-month performance reflects the strength of ADNOC Drilling’s business model, the resilience of our highly contracted revenue base and the successful execution of our growth strategy,” said Abdulla Naji Ateya Al Messabi, ADNOC Drilling CEO.
“We continue to deliver consistent financial performance while investing in the capabilities, technologies and partnerships that will support the next phase of our growth.”
Al Messabi said cash generation supported both investment and shareholder returns, including the discretionary dividend, whose first tranche will be paid this quarter.
Onshore, offshore revenue rise
Onshore drilling revenue increased 5 per cent year-on-year in the first nine months, supported by the consolidation of regional operations. The planned timing of unconventional activity and the repurposing of certain onshore rigs partly offset that growth.
Offshore drilling revenue rose 4 per cent, supported by additional capacity. This included a contribution from an AI-enabled island rig added in June 2026.
A second island rig joined the fleet during the third quarter but did not make a material contribution to revenue in that quarter. Offshore growth more than offset the planned repurposing of two jack-up rigs during the period.
The company said its first AI-enabled automated island rigs, AD-300 and AD-301, together with four additional planned rigs, are expected to improve efficiency, reliability and operating scale while supporting future earnings growth.
Expansion across well services
OFS remains a central part of the company’s Drill-to-Operate strategy. Its services include integrated well construction, completions, intervention and production, allowing the company to participate in more stages of a well’s development and operation.
Conventional OFS activity expanded during the first nine months of 2026. Unconventional activity followed its planned schedule and remained below the level recorded in the same period of 2025.
Al Messabi described Drill-to-Operate as an extension of the company’s experience in constructing complex wells in the region.
“We are now extending that capability across the full well lifecycle to capture more value from every well and expand the markets and services in which we operate,” he said.
ADNOC Drilling expects its services business to benefit from ADNOC’s upstream investment programme across onshore, offshore, sour gas and unconventional developments.
The company said its outlook beyond 2026 remains positive, supported by sustained drilling activity, new island rig deliveries, further OFS expansion and regional growth opportunities.
