Prime Highlights
- Adnoc Drilling posted record first-half and second-quarter revenue while reaffirming its 2026 outlook.
- The company deployed its first AI-enabled automated island rig to improve efficiency and support future growth.
Key Facts
- Adnoc Drilling reported $2.46 billion in first-half revenue and $706 million in net profit.
- The company approved $525 million in dividends during the first half of 2026.
Background
Adnoc Drilling posted record second-quarter and first-half 2026 revenue and profit as its Oilfield Services business grew and operations remained steady. The company kept its guidance for 2026 and unveiled a new dividend for shareholders.
First-half revenue grew by 4% year-on-year to $2.46 billion and net profit came in 2% higher at $706 million. Return on equity was at 34%, and the company paid $525 million in total dividends in the first six months of the year.
Revenue in the second quarter hit a new record of $1.23 billion, or 3% more than a year ago, and net profit rose 2% to $359 million. The Board approved a second-quarter dividend of $262.5 million, which raises total approved dividends for 2026 to $525 million. The company forecast an annual dividend floor of $1.05 billion, which should grow by at least 5% annually through 2030.
According to CEO Abdulla Al Messabi, some of the reasons why the Company will remain successful include the safety of its operations and the fact that it is able to make money, among others. He also noted the acquisition of MBPS has enhanced Adnoc Drilling’s footprint and growth in the region.
The company also introduced its first AI-powered automated island rig, AD-300, during the period, which is thought to enhance efficiency and cut operating costs. Five additional automated island rigs are to be used in their offshore expansion plans.
Adnoc Drilling saw growth in all segments of its business. Onshore revenue stood at $1.03 billion and offshore revenue increased to $703 million. Oilfield Services also posted a rise in revenue, to $726 million.
