(WO) – ADNOC Drilling Company PJSC reported record financial performance for the third quarter and first nine months of 2025, underscoring its role as ADNOC’s upstream growth engine and a key contributor to Abu Dhabi’s long-term energy strategy. The company delivered double-digit growth across all key metrics, upgraded its 2025 guidance, and announced a new dividend framework through 2030.
For the first nine months of 2025, revenue rose 27% year-on-year to $3.63 billion, driven by robust onshore, offshore, and oilfield services activity. Net profit climbed 17% to $1.06 billion, while free cash flow surged 174% to $1.2 billion, reflecting disciplined capital management and improved operational efficiency.
The company’s EBITDA reached $1.64 billion, up 15% year-on-year, with a return on equity of 36% and return on capital employed of 25%.
The Board of Directors approved a $250 million third-quarter dividend, payable in November 2025, and endorsed an enhanced dividend framework targeting at least $6.8 billion in cumulative shareholder distributions through 2030. This policy, which will be presented for approval at the next annual meeting, aims for a 27% uplift in 2025 and a minimum 5% annual increase thereafter.
Segment performance reflected broad-based growth. Onshore revenue rose 13% to $1.52 billion on higher rig utilization and expanded unconventional drilling. Offshore revenue climbed to $1.04 billion, supported by the reactivation of island rigs and new jack-ups entering service. Oilfield Services revenue more than doubled to $1.07 billion, bolstered by a $385 million contribution from unconventional activity and expanded Integrated Drilling Services (IDS) operations.
Looking ahead, ADNOC Drilling upgraded its full-year guidance and outlined a strategic roadmap for transformational growth. The company expects FY 2026 revenue of around $5 billion, maintaining strong EBITDA margins and targeting a fleet of 151 rigs by 2028, including 70 IDS rigs by 2026. CEO Abdulla Ateya Al Messabi said the company is “scaling unconventionals to more than 300 wells annually, expanding IDS capabilities, and preparing for new offshore island operations—all powered by AI-native systems and disciplined execution.”
The company also highlighted ongoing regional expansion through its SLB joint venture in Kuwait and Oman, new digital platforms such as Enersol and Turnwell, and over $5 billion in new contract wins during 2025. Together, these initiatives reinforce ADNOC Drilling’s long-term growth trajectory and its position as the region’s premier integrated drilling and energy services provider.
