Adnoc Drilling on Tuesday reported a net profit of $1.06 billion for the first nine months of the year, up 17 per cent compared to the same period in 2024, on the back of rising activity across onshore, offshore and integrated drilling services operations.
Revenue for the period rose 27 per cent to $3.63 billion, driven by higher rig utilisation, expansion in unconventional drilling programmes and a sharp increase in integrated drilling services. Free cash flow surged 174 per cent to $1.2 billion, enabling the company to strengthen shareholder returns while investing in fleet expansion and technology upgrades.
Return on equity stood at 36 per cent and return on capital employed at 25 per cent, underscoring the company’s operational strength and strong margins.
Chief Executive Abdulla Ateya Al Messabi said the financial results demonstrated disciplined execution and the strength of Adnoc Drilling’s resilient contract model. He noted that the company is preparing for “transformational growth,” with plans to expand unconventional capacity to more than 300 wells annually and grow its integrated drilling services fleet to around 70 rigs by 2026. “These milestones can add billions in new revenue streams, supported by our in-house technical capabilities and our ongoing transition to becoming an AI-native company,” he said.
The company’s strategic expansion of onshore and offshore capacity continued to underpin revenue. Onshore revenue reached $1.52 billion, rising 13 per cent year-on-year due to new rigs entering operation and increased unconventional drilling activity.
Offshore jack-up and island drilling revenue stood at $1.04 billion, helped by newly reactivated island rigs and jack-ups deployed during the second quarter. Meanwhile, oilfield services revenue increased 114 per cent to $1.07 billion, supported by growth in integrated drilling services and the scaling up of unconventional well delivery.Shareholders will benefit from the strong performance.
The Board of Directors has approved a third-quarter dividend of $250 million, payable in November 2025. In parallel, the company is enhancing its dividend policy, targeting a minimum of $6.8 billion in distributions between 2025 and 2030. This includes a 27 per cent uplift in dividends for 2025 and a minimum of 5 per cent annual growth thereafter, subject to shareholder approval at the next Annual General Assembly.
The updated dividend framework provides long-term visibility and reinforces investor confidence.Adnoc Drilling is also progressing several strategic initiatives aimed at strengthening its competitive position. Its joint venture with SLB is facilitating expansion into Kuwait and Oman, subject to regulatory approvals, widening the company’s GCC footprint.
The Turnwell unconventional drilling programme continues to reduce well delivery times using automation and cluster drilling techniques, while its Enersol platform is scaling technology-driven solutions across the portfolio. The company is also accelerating the adoption of AI and automation across fleet operations, introducing predictive maintenance, autonomous rig moves and intelligent drilling workflows.Looking ahead, Adnoc Drilling expects revenue to reach around $5 billion in 2026, with earnings broadly aligned to 2025 levels.
The company is targeting a fleet of more than 151 rigs by 2028, supported by additional offshore island rigs planned for deployment by the end of the decade. Maintenance capital expenditure is set at around $250 million annually, excluding growth-related investments.
