Databook and Guidance - Drilling
العربية

Databook and Guidance

 
USD Billion (unless otherwise stated) FY26 Guidance
Revenue ~5
Onshore ~2
Offshore (Jack-up and Island) ~1.5
Oilfield Services Revenue ~1.5
EBITDA 2.2 - 2.3
EBITDA Margin 44% - 45%
Net Profit 1.45 - 1.50
Net Profit Margin 29% - 30%
CapEx (excluding M&A) 0.6 - 0.8
Free Cash Flow (excluding M&A) 1.2 - 1.3
Leverage Target < 2.0x
Dividend Floor 1.05 (+5% YoY)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The forward outlook remains strong, anchored by sustained development in both unconventional and conventional drilling, the latter including six new island rigs scheduled for delivery between 2026 and 2028. This is complemented by ongoing expansion in Oilfield Services (OFS) and attractive regional growth avenues.

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% from the domestic conventional business (conventional drilling margins exceeding 50% and OFS margin in a range of 23-26% medium-term). 

Maintenance CapEx is expected at around $250 million per annum.

Guidance for 2027 and beyond will be provided as the phasing for additional rigs (conventional and unconventional) and OFS volumes (IDS, discrete services, unconventional) is finalized.
 

 
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