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ADNOC Drilling Company PJSC posted first-half 2026 revenue of $2.46 billion, a 4 percent increase from the same period a year earlier, while net profit climbed 2 percent to $706 million, the company said in a press release. Return on equity stood at an industry-leading 34 percent even as the firm declared $525 million in dividends for the period, backed by robust free cash flow and capital discipline. The Abu Dhabi-based drilling contractor maintained uninterrupted operations with high fleet availability throughout the first six months, according to the July 30 statement.
Second-quarter revenue rose 3 percent year on year to $1.23 billion with net profit advancing 2 percent to $359 million, ADNOC Drilling reported in the same release. The board approved a second-quarter dividend of $262.5 million, or approximately 6.0 fils per share, payable in the second half of August to shareholders of record on August 10. Combined with the first-quarter payout, the cumulative 2026 distributions reached $525 million, representing half of the company’s $1.05 billion annual dividend floor that rises by at least 5 percent each year through 2030.
Onshore operations generated $1.03 billion in revenue, up more than 2 percent year on year, supported by activities across the UAE together with contributions from MBPS and SLDC that run 30 land rigs primarily in Oman and Kuwait. Offshore jack-up and island drilling delivered $703 million, an increase of more than 5 percent, reflecting new jack-ups added in the second half of 2025 and rig conversions from onshore to offshore work. Oilfield services revenue climbed above 5 percent to $726 million on higher integrated drilling services activity, expanded discrete offerings and favourable timing in directional drilling and drilling fluids, the press release showed.
The early deployment of AD-300, the company’s first AI-enabled automated island rig, underscores its technology-driven growth strategy, ADNOC Drilling stated. Five additional island rigs are planned to bolster future offshore expansion, revenue growth and value creation. The successful completion of the MBPS acquisition has strengthened the regional platform and opened further growth avenues, according to the announcement.
Abdulla Ateya Al Messabi, ADNOC Drilling CEO, said the company continues to deliver on safe and efficient operations, strategic growth, strong cash generation and increased shareholder returns. “Growth in OFS is accelerating, while technology and AI are enhancing efficiency, performance and value creation across our operations,” Al Messabi added in the statement. “Supported by a highly contracted revenue base that provides strong visibility, every well we deliver generates data and insights that help make the next one better, creating a powerful cycle of continuous improvement.”
The first-half performance builds on the contractor’s record full-year 2025 results of $4.9 billion in revenue and $1.45 billion in net profit that ADNOC Drilling detailed in its February 2026 earnings release. The company reaffirmed its full-year 2026 guidance in the latest statement, reflecting confidence in continued execution and a contracted revenue base that limits volatility. ADNOC Drilling, listed on the Abu Dhabi Securities Exchange, maintains a majority stake held by ADNOC and plays a central role in supporting the UAE’s oil and gas development plans.
