Adnoc Drilling's nine-month profit rises to $1.07bn as revenue hits record

Adnoc Drilling, the largest drilling firm in the Middle East by rig count, announced a modest rise in its nine-month net profit, reaching $1.07 billion, as revenue soared to a new record high of $3.7 billion. The company's first nine months of 2026 witnessed a 0.7% annual increase in net profit, from $1.06 billion in the previous year.

Revenue for the same period ascended by more than 2% to $3.7 billion, primarily due to elevated contributions from onshore and offshore drilling, and operational consolidation. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) climbed 2% to $1.66 billion. Adnoc Drilling's CEO, Abdulla Al Messabi, credited the company's business model, contracted revenue base, and strategic growth initiatives for the positive performance.

The company introduced the Drill-to-Operate strategy, aiming to increase revenue from each well and expand its presence in regional energy markets. Al Messabi emphasized that the move marked a natural progression in Adnoc Drilling's capabilities and diversification efforts. The UAE's oil production strategy aims for 5 million barrels per day by 2027, with Adnoc Drilling playing a pivotal role.

The firm has secured a $365 million contract for the Umm Shaif gas cap project in Abu Dhabi and continues to expand its fleet and oilfield services capabilities. The company's board approved a third-quarter dividend of $350 million, marking a 22.5% increase from the previous year. Adnoc Drilling maintains its full-year revenue and net profit guidance of $5 billion and approximately $1.45 billion, respectively, with an anticipated 1.2 billion to 1.3 billion in free cash flow this year.