As the sole provider of integrated drilling services in Abu Dhabi, we’re committed to driving ADNOC’s upstream long-term activity. Our business is not a function of oil prices. ADNOC’s strategic production targets in oil and gas, and related planned upstream development projects, directly translate into drilling activity and hence into tangible financial performance for ADNOC Drilling. We provide the drilling infrastructure and services needed to support ADNOC’s targets and hence we benefit from significant visibility for our business. Our revenues, reaching $4.9 billion in 2025, were driven by resilient organic and inorganic growth, deep investments in artificial intelligence and digitalization and a robust, growing portfolio of long-term contracts.
For over 50 years, ADNOC Drilling has enabled ADNOC’s growth, becoming one of the largest and most innovative integrated drilling companies in the world and a key driver of the UAE’s energy leadership.
Following our partnership with Baker Hughes, ADNOC Drilling has developed the capabilities to deliver a full suite of drilling and completion services to the ADNOC Upstream operating companies, while continuing to expand across the Oil Field Services (OFS) value chain. Today OFS represents a growing and increasingly significant contributor to our business, with strong momentum expected to continue as we scale this segment further. We provide drilling services to ADNOC under a unique contractual framework that delivers double-digit IRRs over a 15-year period for each rig investment. These contracts provide strong and predictable returns, high visibility and robust downside protection. We demonstrate strong and consistent conventional EBITDA and net income margins compared to peers, at 51% and 36% respectively in 2025.
We have achieved these results while maintaining one of the lowest gearing levels in the industry, with a Net Debt to EBITDA ratio at 0.9x in 2025. We are currently investing approximately $0.6 – 0.8 billion in 2024 and 2025 with a similar level expected in 2026 to expand our rig fleet in line with ADNOC Upstream growth targets. Thereafter, maintenance capex is expected to be around $250 million per annum.
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