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ADNOC Drilling posts strong nine-month profit surge, outlines $6.8 billion dividend roadmap

Company reported 27% revenue jump to $3.63b and unveiled $6.8b dividend plan through 2030

Last updated: October 28, 2025 | 08:36

Nivetha Dayanand, Assistant Business Editor

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The new orders are part of ADNOC Drilling's 3-year capex programme.

WAM

Dubai: ADNOC Drilling reported a 27% surge in revenue to $3.63 billion for the first nine months of 2025. Net profit climbed 17% to $1.06 billion, while free cash flow surged 174% to $1.2 billion.

The board approved a $250 million dividend for the third quarter, equivalent to 5.7 fils per share, payable in November 2025. It also endorsed a new dividend framework that targets a minimum of $6.8 billion in shareholder distributions between 2025 and 2030, with a 27% uplift next year and at least 5% annual increases thereafter.

ADNOC Drilling said the policy reflects its confidence in long-term cash generation and commitment to progressive returns for investors.

$250 million

in third-quarter dividends, or 5.7 fils per share, will be paid out in November 2025.

Also Read: ADNOC Drilling to pay $217m as Q2-2025 dividend in August

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Also Read: ADNOC Drilling to start quarterly dividends - frst payment by May 28

Abdulla Ateya Al Messabi, CEO of ADNOC Drilling, said: “Our record performance in 2025 showcases the strength and resilience of our business model and disciplined execution. The true story is the transformational growth ahead; we are scaling unconventionals to a potential of 300+ wells annually, expanding our Integrated Drilling Services (IDS) fleet to 70 rigs and preparing for new offshore island operations by the end of the decade. These milestones can add billions in new revenue streams, de-risked by our in-house expertise and powered by our ambition to become AI-native. With our enhanced dividend policy targeting at least $6.8 billion through 2030, ADNOC Drilling is setting a new global standard for reliable, growing shareholder returns.”

Segment growth and expansion

Revenue rose across all business lines. The onshore segment delivered $1.52 billion, up 13%, supported by new rigs and higher unconventional activity. Offshore operations generated $1.04 billion, up 3%, while Oilfield Services surged 114% to $1.07 billion on the back of rising integrated drilling and discrete services.

During 2025, the company secured over $5 billion in new contracts, extending visibility through 2040. It also advanced regional expansion plans through its joint venture with SLB in Kuwait and Oman, pending regulatory approvals.

Technology and strategic priorities

ADNOC Drilling is accelerating the adoption of AI and automation to improve efficiency and safety. Initiatives such as predictive maintenance, autonomous rig moves, and intelligent workflows are already driving cost and time efficiencies.

The company aims to grow its IDS fleet to 70 rigs by 2026 and expand to 151+ rigs by 2028. Maintenance capital expenditure is expected at around $250 million annually, while leverage remains conservative with a target of up to 2.0x net debt to EBITDA.

Medium-term guidance

ADNOC Drilling expects FY 2026 revenue to approach $5 billion, with margins broadly in line with 2025 levels. Conventional drilling margins are forecast above 50%, while Oilfield Services margins will remain between 23 and 26%.

Nivetha DayanandAssistant Business Editor

Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.

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