ADNOC Drilling, the UAE’s Oilfield drilling services company, recorded its strongest-ever first-quarter (Q1) performance for the period ended March 31, 2026, reporting a net profit of $347 million, a 2% year-on-year (YoY) increase. The record start to the year was bolstered by high fleet activity and technology-led delivery, with total revenues yielding $1.23 billion, up 5% compared to Q1 2025.
Its free cash flow rose 12% to $356 million, while return on equity stood at 33%. The Board approved a dividend of $262.5 million for the quarter.
Management said the performance reflects the resilience of ADNOC Drilling’s business model, underpinned by long-term contracts, high fleet utilization, and disciplined cost management. The company maintained operational continuity and strong cash generation across all segments, with no material operational or financial impact reported in the quarter.
“Following our strongest year on record in 2025, we have delivered a resilient and disciplined start to 2026,” stated Abdulla Ateya Al Messabi, ADNOC Drilling CEO. “Our performance reflects the strength of our integrated drilling and energy services model, supported by long-term contracts and consistent execution.”
ADNOC Drilling reaffirmed its full-year 2026 guidance, targeting total revenues of approximately $5 billion and a net profit between $1.45 billion and $1.50 billion. The Company expects EBITDA to reach $2.2–$2.3 billion with margins of 44–45%. To support this growth, the Company plans to deploy approximately 70 integrated drilling services (IDS) rigs by year-end 2026.
The company emphasized that continuity planning remains robust, with safety, people, and asset integrity as top priorities. ADNOC Drilling continues to position itself as a key enabler of ADNOC’s upstream growth strategy, supported by integrated services expansion and long-term contract visibility.
As the drilling and oilfield services arm of ADNOC, the Company operates the largest fleet in the MENA region with 170 rigs. It remains a primary enabler of Abu Dhabi’s upstream production capacity targets through its expanded domestic and regional portfolio.
