emirates7 - ADNOC Drilling Company has announced its financial results for the second quarter and first half of 2025, reporting record performance in revenue, EBITDA, and net profit, while continuing to deliver strong shareholder returns and expanding its regional footprint.
For the first half of 2025, the company recorded a net profit of $692 million—a 21% increase compared to the same period last year—driven by fleet growth, higher rig utilisation, and a significant boost in Oilfield Services (OFS). Revenue climbed 30% year-on-year to $2.37 billion, and EBITDA rose 19% to $1.08 billion.
CEO Abdulla Ateya Al Messabi stated, “Our exceptional first-half results for 2025 reflect ADNOC Drilling’s robust, scalable business model and strategic focus. We’re delivering strong financial outcomes, consistent shareholder value, and measured regional growth, all reinforced by our use of AI and advanced technologies.
We’re on track to meet our full-year growth objectives. Our performance through all stages of the energy cycle, combined with predictable cash flows and earnings, gives us confidence in continuing to deliver long-term value for our shareholders.”
The Board of Directors approved a second quarterly dividend of $217 million (approximately 5 fils per share), to be distributed in the second half of August 2025 to shareholders on record as of 8 August 2025. This reflects the company’s commitment to offering reliable and growing income in line with its progressive dividend policy. With two dividends declared so far this year and a third expected, ADNOC Drilling continues to offer a compelling combination of income and growth.
In terms of segmental performance during the first half of the year:
Onshore revenue rose 18% year-on-year to $1.0 billion, bolstered by the deployment of new rigs and a $79 million contribution from the unconventional segment.
Offshore revenues (including Jack-up and Islands) inched up 1% to $671 million, supported by the reactivation of island rigs. The impact of two new jack-up rigs will be reflected starting in the third quarter.
OFS revenue surged 127% year-on-year to $689 million, driven by $265 million in revenue from the unconventional segment, higher activity in integrated drilling services, and additional service offerings.
As part of its regional expansion strategy, ADNOC Drilling signed a deal to acquire a 70% stake in SLB’s land drilling operations in Kuwait and Oman. Pending regulatory approval, this transaction will provide immediate financial returns through two operating rigs in Kuwait and six in Oman, enhancing the company’s footprint in key Gulf markets.
Enersol, the company’s energy technology investment arm, advanced its efforts in the second quarter by expanding local operations and strengthening its tech presence across the UAE. Notable progress included developments at its Abu Dhabi hub and the launch of the Enersol Energy Challenge, designed to support UAE entrepreneurs in pioneering energy technologies. Enersol is also preparing additional transactions to add to its four completed acquisitions.
Turnwell, ADNOC Drilling’s unconventional drilling unit, marked new milestones in Q2 2025. It ramped up operations in UAE’s onshore unconventional basins, delivering more high-efficiency wells and deploying innovations like autonomous drilling to reduce time and improve safety. To date, Turnwell has drilled 58 of the planned 144 wells—over 40%—and completed fracturing on more than 20 wells.
In 2025, the company secured approximately $4.8 billion in new contracts—its strongest backlog addition to date. These wins span integrated drilling, oilfield services, and rig operations, providing stable long-term revenue visibility extending to 2040 and beyond. ADNOC Drilling is currently the most actively covered stock in the MENA region, with 20 global equity research analysts offering coverage.
The company reaffirmed its medium-term outlook, targeting:
2026 revenue of around $5 billion,
EBITDA margins of ~50% for conventional operations,
OFS margins between 22% and 26%,
Net debt-to-EBITDA capped at 2.0x,
Net working capital at roughly 12% of revenue,
A projected rig count of over 151 by 2028.
For the first half of 2025, the company recorded a net profit of $692 million—a 21% increase compared to the same period last year—driven by fleet growth, higher rig utilisation, and a significant boost in Oilfield Services (OFS). Revenue climbed 30% year-on-year to $2.37 billion, and EBITDA rose 19% to $1.08 billion.
CEO Abdulla Ateya Al Messabi stated, “Our exceptional first-half results for 2025 reflect ADNOC Drilling’s robust, scalable business model and strategic focus. We’re delivering strong financial outcomes, consistent shareholder value, and measured regional growth, all reinforced by our use of AI and advanced technologies.
We’re on track to meet our full-year growth objectives. Our performance through all stages of the energy cycle, combined with predictable cash flows and earnings, gives us confidence in continuing to deliver long-term value for our shareholders.”
The Board of Directors approved a second quarterly dividend of $217 million (approximately 5 fils per share), to be distributed in the second half of August 2025 to shareholders on record as of 8 August 2025. This reflects the company’s commitment to offering reliable and growing income in line with its progressive dividend policy. With two dividends declared so far this year and a third expected, ADNOC Drilling continues to offer a compelling combination of income and growth.
In terms of segmental performance during the first half of the year:
Onshore revenue rose 18% year-on-year to $1.0 billion, bolstered by the deployment of new rigs and a $79 million contribution from the unconventional segment.
Offshore revenues (including Jack-up and Islands) inched up 1% to $671 million, supported by the reactivation of island rigs. The impact of two new jack-up rigs will be reflected starting in the third quarter.
OFS revenue surged 127% year-on-year to $689 million, driven by $265 million in revenue from the unconventional segment, higher activity in integrated drilling services, and additional service offerings.
As part of its regional expansion strategy, ADNOC Drilling signed a deal to acquire a 70% stake in SLB’s land drilling operations in Kuwait and Oman. Pending regulatory approval, this transaction will provide immediate financial returns through two operating rigs in Kuwait and six in Oman, enhancing the company’s footprint in key Gulf markets.
Enersol, the company’s energy technology investment arm, advanced its efforts in the second quarter by expanding local operations and strengthening its tech presence across the UAE. Notable progress included developments at its Abu Dhabi hub and the launch of the Enersol Energy Challenge, designed to support UAE entrepreneurs in pioneering energy technologies. Enersol is also preparing additional transactions to add to its four completed acquisitions.
Turnwell, ADNOC Drilling’s unconventional drilling unit, marked new milestones in Q2 2025. It ramped up operations in UAE’s onshore unconventional basins, delivering more high-efficiency wells and deploying innovations like autonomous drilling to reduce time and improve safety. To date, Turnwell has drilled 58 of the planned 144 wells—over 40%—and completed fracturing on more than 20 wells.
In 2025, the company secured approximately $4.8 billion in new contracts—its strongest backlog addition to date. These wins span integrated drilling, oilfield services, and rig operations, providing stable long-term revenue visibility extending to 2040 and beyond. ADNOC Drilling is currently the most actively covered stock in the MENA region, with 20 global equity research analysts offering coverage.
The company reaffirmed its medium-term outlook, targeting:
2026 revenue of around $5 billion,
EBITDA margins of ~50% for conventional operations,
OFS margins between 22% and 26%,
Net debt-to-EBITDA capped at 2.0x,
Net working capital at roughly 12% of revenue,
A projected rig count of over 151 by 2028.