Abu dhabi: ADNOC Drilling Company PJSC has announced record-breaking revenue and profit for the first half of 2026, attributed to strong growth in its Oilfield Services (OFS) segment, disciplined execution, and a stable revenue base that ensures consistent earnings.
According to Emirates News Agency, ADNOC Drilling reported a revenue of $2.46 billion, marking a 4 percent increase year-on-year. Net profit also saw a rise of 2 percent year-on-year, reaching $706 million. The company's Return on Equity (ROE) remained at an industry-leading 34 percent, and it declared dividends totaling $525 million for the first half of 2026, supported by robust free cash flow and careful capital allocation.
ADNOC Drilling maintained its operations seamlessly throughout the period, supported by strong execution and high fleet availability. The company has reaffirmed its full-year 2026 guidance, reflecting confidence in its business. The early deployment of AD-300, its first AI-enabled automated island rig, underscores its strategy focused on technology-led growth. This initiative, along with five additional planned island rigs, is expected to bolster future offshore expansion, revenue growth, and value creation.
Abdulla Ateya Al Messabi, CEO of ADNOC Drilling, emphasized the company's commitment to safe and efficient operations, strategic growth, strong cash generation, and increased shareholder returns. He noted that the growth in OFS is accelerating, with technology and AI enhancing efficiency, performance, and value creation across operations. The company's highly contracted revenue base provides strong visibility, allowing for continuous improvement through data and insights from each well delivered.
Al Messabi highlighted the successful completion of the MBPS acquisition, which strengthens ADNOC Drilling's regional platform and expands growth opportunities. These record results demonstrate the strength of ADNOC Drilling's business model and the disciplined execution by its team.
In the second quarter alone, ADNOC Drilling delivered a record performance, with revenue growing 3 percent year-on-year to $1.23 billion and net profit increasing by 2 percent to $359 million. The performance was driven by continuous growth in OFS, stable offshore activity, and disciplined execution across the business. The company maintained high fleet utilization and uninterrupted operations, supporting strong cash generation and reinforcing the resilience provided by its highly contracted revenue base.
The Board of Directors has approved a dividend of $262.5 million (approximately 6.0 fils per share) for the second quarter of 2026, to be paid in the second half of August to shareholders of record as of 10th August 2026. With the first quarter dividend, cumulative shareholder distributions for 2026 amount to $525 million, representing half of ADNOC Drilling's $1.05 billion annual dividend floor, which will increase by at least 5 percent annually through 2030.
In the Onshore segment, revenue reached $1.03 billion, supported by operations across the UAE and contributions from MBPS and SLDC, which operate 30 land rigs, primarily in Oman and Kuwait. The Offshore (Jack-up and Islands) segment saw revenue of $703 million, reflecting contributions from new jack-ups deployed in 2025 and rig conversions from onshore to offshore. The OFS segment achieved $726 million in revenue, driven by higher Integrated Drilling Services activity, expanded delivery of discrete services, and favorable phasing in directional drilling and drilling activities.