ADNOC Drilling reports $3.7 billion revenue in first nine months

ADNOC Drilling Company PJSC on Wednesday reported revenue of $3.7 billion, EBITDA of $1.66 billion and net profit of $1.07 billion for the first nine months of 2026.

The Board approved a total third-quarter dividend distribution of $350 million (approximately 8.03 fils per share). This comprises the base quarterly dividend of $262.5 million and the first $87.5 million tranche of a $175 million discretionary dividend that the Company intends to distribute in two tranches, with the second tranche subject to shareholder approval.

Subject to shareholder approval of the second tranche, it increases the total expected dividend in respect of 2026 to $1.225 billion, 22.5 percent above 2025.

The results reflect the growing contribution of higher-value service lines, including Oilfield Services (OFS), technology-enabled solutions and regional operations. These growth engines are broadening the Company’s earnings base, adding new revenue streams and demonstrating the capabilities underpinning Drill-to-Operate.

Abdulla Naji Ateya Al Messabi, ADNOC Drilling CEO, said, “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. We continue to deliver consistent financial performance while investing in the capabilities, technologies and partnerships that will support the next phase of our growth.

Our continued performance and strong cash generation enable us to invest in future growth while delivering enhanced shareholder returns through our progressive dividend policy, including a $175 million discretionary dividend, the first tranche of which will be paid this quarter.”

He added that the launch of Drill-to-Operate is a natural evolution of ADNOC Drilling, building on decades of experience in constructing some of the region’s most complex wells

“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,” Al Messabi stated.

Onshore drilling revenue increased by 5 percent year-on-year in the first nine months of 2026, supported by the consolidation of regional operations. This was partly offset by the planned phasing of unconventional activity and the repurposing of certain onshore rigs.

Offshore drilling revenue increased by 4 percent year-on-year, supported by additional offshore capacity, including the contribution from the AI-enabled island rig added in June 2026, whereas the second island rig that joined the fleet in the third quarter did not contribute materially in Q3. This growth more than offset the planned repurposing of two jack-up rigs in the third quarter.

The deployment of AD-300 and AD-301, ADNOC Drilling’s first AI-enabled automated island rigs, alongside four additional planned rigs, will enhance efficiency, reliability and scale while supporting future earnings growth.

OFS remains a key growth engine within Drill-to-Operate, increasing value capture across the well lifecycle through integrated well construction, completions, intervention and production services. Growth is expected to be supported by ADNOC’s upstream investment program across onshore, offshore, sour gas and unconventional developments. During the first nine months of 2026, conventional OFS activity continued to expand, while unconventional activity followed the planned phasing and remained below the level recorded in the comparable 2025 period.

The outlook beyond 2026 remains positive, supported by sustained drilling activity, the delivery of new island rigs, continued OFS expansion and regional growth opportunities.