ADNOC Drilling: Q3 Dividend of $350m as Nine-Month Revenue Hits $3.7bn

ADNOC Drilling will pay shareholders $350 million for the third quarter, roughly 8.03 fils per share, after revenue for the nine months to September 2026 reached $3.7 billion, the Abu Dhabi-based company said in a statement on Wednesday, Oct. 28.

Net profit over that period stood at $1.07 billion, with EBITDA at $1.66 billion, according to ADNOC Drilling Company PJSC.

Dividend for 2026 up 22.5%

Of the quarterly payout approved by the Board, $262.5 million is the regular base amount. The remaining $87.5 million represents the opening instalment of a $175 million discretionary dividend, which the company plans to pay in two equal parts.

Shareholders still need to approve the second instalment. If they do, total dividends expected for 2026 would reach $1.225 billion, up 22.5 percent from 2025.

The company said higher-value business lines are now carrying a larger share of earnings, pointing to Oilfield Services (OFS), regional operations and technology-driven solutions that add new revenue streams under its Drill-to-Operate approach.

Chief executive Abdulla Naji Ateya Al Messabi credited the company’s business model, a revenue base secured largely through contracts, and progress on its growth plans.

“Our continued performance and strong cash generation enable us to invest in future growth while delivering enhanced shareholder returns through our progressive dividend policy, including a $175 million discretionary dividend, the first tranche of which will be paid this quarter.”

He described Drill-to-Operate as a natural evolution for ADNOC Drilling, aimed, in his words, at capturing “more value from every well” while expanding the markets and services the company operates in.

Onshore Up 5%, Offshore Up 4%

Factoring in regional operations, onshore drilling revenue rose 5 percent compared with a year earlier. Growth was tempered by two factors: some onshore rigs were redirected to other uses, and unconventional work was phased as planned.

Offshore revenue climbed 4 percent on added capacity, including an AI-enabled island rig brought online in June 2026. A second island rig arrived during the third quarter but made no material contribution to Q3 results. Two jack-up rigs were repurposed during the quarter under the company’s plans, though offshore gains more than offset that effect.

The company said its first automated island rigs using AI, AD-300 and AD-301, along with four further planned rigs, will improve efficiency, reliability and scale.

OFS Activity and Outlook

Conventional OFS work expanded over the nine-month period. Unconventional activity, moving in line with its planned schedule, remained below the level recorded in the same period of 2025. The company expects OFS to benefit from ADNOC’s upstream investment programme spanning onshore, offshore, sour gas and unconventional projects.

Looking beyond 2026, ADNOC Drilling described its outlook as positive, citing continued drilling demand, further island rig deliveries, broader OFS operations and growth prospects across the region.