Abu dhabi: ADNOC Drilling Company announced today its financial results for the second quarter and first half of 2025, delivering record-breaking performance across revenue, EBITDA, and net profit while maintaining strong momentum in shareholder returns and delivering regional expansion.
According to Emirates News Agency, the company posted a net profit of $692 million for the first half, up 21 percent year-on-year, driven by fleet expansion, rig utilization, and Oilfield Services (OFS) growth. Revenue rose 30 percent to $2.37 billion, while EBITDA increased 19 percent to $1.08 billion.
Abdulla Ateya Al Messabi, ADNOC Drilling CEO, emphasized the company’s strong financial performance, reliable shareholder returns, and disciplined regional expansion. He attributed this success to the deployment of AI and advanced technologies, which have positioned ADNOC Drilling to achieve its full-year growth targets. Al Messabi affirmed the company’s confidence in delivering long-term value to shareholders, supported by high cash flows, growing earnings, and strong visibility of future returns.
The Board of Directors approved a $217 million second quarterly dividend for 2025, reaffirming the company’s commitment to providing reliable, growing income to shareholders. The dividends are expected to be paid in the second half of August 2025 to all shareholders of record as of August 8, 2025.
ADNOC Drilling’s segmental performance in H1 showed onshore revenue growth of 18 percent year-on-year to $1.0 billion, bolstered by new rig launches and a $79 million contribution from the unconventional business. Offshore revenues rose 1 percent year-on-year to $671 million, with expectations for further growth as new jack-up rigs become operational. OFS revenues increased by 127 percent year-on-year to $689 million, driven by revenue from the unconventional business and increased integrated drilling services activity.
The company made significant strides in regional expansion by signing an agreement to acquire a 70 percent stake in SLB’s land drilling business in Kuwait and Oman. This deal, pending regulatory approval, will enable ADNOC Drilling to access immediate earnings and growth through two operating land drilling rigs in Kuwait and six in Oman.
Enersol, ADNOC Drilling’s energy technology investment platform, continued its strategic momentum in the second quarter by enhancing local operations and deepening its technology footprint in the UAE. The launch of the Enersol Energy Challenge aims to identify UAE-based entrepreneurs developing transformative energy technologies.
Turnwell, ADNOC Drilling’s unconventional drilling specialist, achieved new operational milestones by expanding its presence across the UAE’s onshore unconventional basins. The company has drilled 58 of the planned 144 wells and implemented new drilling techniques to enhance efficiency and safety.
ADNOC Drilling secured approximately $4.8 billion in new contracts in 2025, marking the strongest period for backlog addition. These contracts provide long-term earnings visibility through 2040 and beyond. The company is the most covered stock in the MENA region, with 20 global equity research analysts providing sell-side coverage.
The company reaffirmed its medium-term guidance, with full-year 2026 revenue expected around $5 billion. It targets a conventional EBITDA margin of approximately 50 percent, OFS margins in the 22-26 percent range, and plans to operate over 151 rigs by 2028.