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ADNOC Drilling's Analyst Databook
ADNOC Drilling’s 2026 Guidance
| USD Billions (unless otherwise stated) (unless otherwise stated) |
FY 2026 Guidance |
|---|---|
| Revenue | ~ 5 |
| of which Onshore | ~ 2 |
| of which Offshore | ~ 1.5 |
| of which Oilfield Services | ~ 1.5 |
| EBITDA | 2.2 – 2.3 |
| EBITDA Margin | 44 – 45% |
| Net Profit | 1.45 – 1.50 |
| Net Profit Margin | 29 – 30% |
| CapEx (cash capex, excluding M&A) | 0.6 –0.8 |
| Free Cash Flow (excluding M&A) | 1.2 – 1.3 |
| Leverage (Net Debt/EBITDA) | < 2.0x |
| Dividend floor | 1.05 (+5% YoY) |
Looking beyond 2026, ADNOC Drilling's growth is supported by the continued scaling of OFS and IDS, regional expansion, and accelerating technology adoption. Ongoing investment in UAE production capacity, gas development, unconventional resources, and energy infrastructure is expected to sustain demand for the Company's services, while fleet expansion and automation-led productivity gains support long-term visibility on earnings and cash flow generation.
ADNOC Drilling targets to deploy approximately 70 IDS rigs by the end of 2026, reinforcing its operational scale and future OFS earnings visibility.
In the medium term, management is focused on preserving a healthy EBITDA margin of circa 50% in the domestic conventional drilling business and 23-26% in the conventional OFS. Maintenance CapEx is expected to be up to $0.3 billion per annum.
As anticipated with 1Q26 results, guidance for 2027 and beyond will be provided as the phasing for additional rigs and additional OFS volumes is finalized.
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