ADNOC Drilling net profit hits $1.07bn on expanded oilfield services

ADNOC Drilling reported a net profit of $1.07 billion for the first nine months of 2026 on Wednesday, 28 October, as the company expanded its high-value oilfield services and regional footprint. Revenue for the period reached $3.7 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $1.66 billion. Dividend Payout Increases Following the results, the company’s board approved a third-quarter dividend of $350 million, or approximately 8.03 fils per share. This payout includes a $262.5 million base quarterly dividend and the initial $87.5 million tranche of a $175 million discretionary dividend. If a second discretionary tranche is approved by shareholders, the total dividend for 2026 will reach $1.225 billion, representing a 22.5 per cent increase compared to 2025. The financial update, released on Wednesday, 28 October, follows the company’s push into technology-enabled solutions and its "Drill-to-Operate" strategy, which captures revenue across the entire lifecycle of a well. Offshore and AI-Enabled Growth Revenue from onshore drilling operations grew 5 per cent year-on-year, aided by the consolidation of regional operations despite some rigs being repurposed. Offshore drilling revenue rose 4 per cent, bolstered by new capacity including an AI-enabled island rig, AD-300, which began operations in June 2026. A second island rig, AD-301, joined the fleet during the third quarter, with four additional rigs planned to enhance operating…