ADNOC Drilling 1Q revenue rises 5% to $1.23 billion

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 11th May, 2026) ADNOC Drilling company PJSC on Monday announced its financial results for the first quarter (1Q) ended 31st March 2026. The company delivered its strongest first quarter performance on record in terms of revenue and net income, building on the record‑breaking performance delivered in 2025.

This record start of the year was supported by high fleet activity, disciplined execution, integrated services growth, long-term contract coverage and technology‑led delivery across the fleet.

Revenue reached $1.23 billion, up 5 percent year-on-year, while net profit rose 2 percent year-on-year to $0.35 billion. Free cash flow increased 12 percent year-on-year to $0.36 billion, while return on equity stood at 33 percent. Dividends totalled $262.5 million.

Performance in the first quarter reflects the resilience of ADNOC Drilling’s business model, underpinned by long-term contracts, high fleet utilisation, and disciplined cost management.

Across all segments, the company maintained operational continuity, stable activity levels and strong cash generation supported by ongoing operational efficiencies, demonstrating its ability to deliver consistent earnings in dynamic market conditions.

ADNOC Drilling experienced no material operational or financial impact in the first quarter of 2026, continuity planning remains robust, with safety, people and asset integrity as the highest priorities.

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“Following our strongest year on record in 2025, we have delivered a resilient and disciplined start to 2026," said Abdulla Ateya Al Messabi, ADNOC Drilling CEO. "This performance reflects the strength of our integrated drilling and energy services model, supported by long-term contracts, high utilisation and consistent execution."

He added that the company’s workforce remains the centre of this performance through its commitment to the highest safety standards and enhanced operational reliability. He noted that the expanded use of technology is also helping improve efficiency and create value.

"As we progress through 2026, we remain focused on disciplined investment, strong cash generation and sustainable long-term returns for shareholders, while supporting ADNOC’s production capacity objectives," Al Messabi said.

For 1Q 2026, the board of Directors has recommended a dividend of $262.5 million (approximately 6 fils per share), expected to be paid in early June to shareholders of record as of 18th May 2026.

The company’s $1.05 billion annual dividend floor for 2026 remains well supported by strong free cash flow generation, long term contract coverage and balance sheet strength.