ADNOC Drilling 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, supported by growth in oilfield services, technology-enabled solutions and regional operations.

The company also launched its Drill-to-Operate strategy, aimed at expanding its role beyond well construction to cover the full well lifecycle, including completions, intervention, production support, maintenance and optimisation.

The initiative is designed to broaden revenue streams, increase value captured from each well and open access to larger markets.

The Board approved a third-quarter dividend distribution of $350 million, equivalent to approximately 8.03 fils per share.

This comprises a base dividend of $262.5 million and the first $87.5 million tranche of a $175 million discretionary dividend.

Both payments are expected in the second half of November 2026 for shareholders on record as of November 5.

The second $87.5 million discretionary tranche is subject to shareholder approval and is expected to be paid around April 2027.

If approved, total dividends for 2026 would reach $1.225 billion, 22.5% higher than in 2025.

The company’s progressive dividend framework sets a minimum annual distribution of $1.05 billion in 2026, with increases of at least 5% annually through 2030.

ADNOC Drilling CEO Abdulla Naji Ateya Al Messabi 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.”

The Drill-to-Operate strategy builds on existing capabilities developed through Oilfield Services (OFS), Integrated Drilling Services, Turnwell, Enersol and regional partnerships.

Its four main growth drivers are sustained drilling activity, integrated services, AI-enabled technologies and advanced engineering, and partnerships that expand access to new markets.

Onshore drilling revenue increased 5% year-on-year during the nine-month period, supported by the consolidation of regional operations.

Offshore drilling revenue rose 4%, driven by additional capacity, including an AI-enabled island rig introduced in June.

The company is also deploying AD-300 and AD-301, its first AI-enabled automated island rigs, with four additional rigs planned to strengthen efficiency and support future growth.

Technology-enabled services delivered further gains during the third quarter.

Enersol portfolio company Deep Well Services completed an 11-well unconventional programme in Abu Dhabi in 44 days, 33 days ahead of schedule.

Meanwhile, Turnwell continued advancing ADNOC’s unconventional development programme, with 84% of Phase One wells drilled and 54% fractured by the end of the third quarter.

Looking ahead, ADNOC Drilling expects sustained drilling activity, continued OFS expansion and regional growth to support its outlook.

Maintenance capital expenditure is forecast at up to $300 million annually, while approximately $500 million in growth capital expenditure is planned for 2027.

For 2027, the company expects low-to-mid single-digit revenue growth and an EBITDA margin broadly in line with 2026.

Net profit is expected to remain broadly stable as higher depreciation and financing costs offset operational growth. -OGN/TradeArabia News Service