Adnoc Drilling posts revenue of $3.7 billion in first nine months

ABU DHABI: Adnoc Drilling Company 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 per cent 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 per cent 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 per cent 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 programme 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.

Meanwhile Adnoc on Sunday unveiled more than Dhs60 billion in local manufacturing opportunities through 2030 alongside a comprehensive transformation of its procurement, supplier registration and In-Country Value (ICV) frameworks, accelerating the conversion of its business growth into industrial investment, skilled jobs and stronger supply chains in the UAE.

Announced at the second Make it with Adnoc Forum, held in the lead up to ADIPEC at Emirates Palace in Abu Dhabi, the measures give manufacturers, suppliers and investors greater visibility of future demand and a faster, clearer route to compete for Adnoc’s business.

They combine opportunities to manufacture over 200 essential products and a broad portfolio of critical spare parts locally with expanded support for industrial investment, simpler qualification requirements and longer-term commercial partnerships.

Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO, said: “Adnoc’s growth creates a powerful opportunity to deepen the UAE’s industrial strength. Our next phase is about giving manufacturers and investors the confidence to act: clarity on what we need, visibility of when we need it, and a simpler route to compete for our business. We are inviting companies to build capabilities in the UAE that will serve our industry and country for years to come.

“Every product we can competitively manufacture here strengthens our ability to deliver. The changes announced today connect that ambition to practical action, from faster supplier registration and more competitive procurement to long-term partnerships that support investment. We want our partners to grow with us, and we want that growth to create lasting value for the UAE.”

Omar Abdulla Alnuaimi, Adnoc Group Chief, Commercial and In-Country Value, said: “ Over the past eight years, Adnoc’s ICV programme has converted our demand into lasting value for the UAE, enabling products previously imported to be manufactured locally and strengthening the capabilities of our suppliers and industrial partners.

The next chapter is about making the entire journey clearer, simpler and more competitive. We are giving the market earlier visibility of demand, expanding access to opportunities and rewarding companies that invest, localize and deliver measurable value in the UAE.”

The manufacturing opportunities span critical products supporting Adnoc’s projects and operations including rotating equipment and power; electrical, control and automation systems; drilling and completion equipment; chemicals and catalysts; piping, fabrication and heavy equipment; and spare parts and advanced manufacturing. Many of the identified products are currently imported. Manufacturing them in the UAE shortens lead times, reduces exposure to global supply disruptions and strengthens the resilience of Adnoc’s operations.

Adnoc, the Ministry of Industry and Advanced Technology (MoIAT) and the Abu Dhabi Investment Office (ADIO) will collaborate to connect local manufacturing opportunities with the support provided by these entities. The collaboration brings together visibility of Adnoc’s demand, access to the national industrial database and financing through the National Industrial Resilience Fund.

WAM