As the sole provider of drilling services in Abu Dhabi, the main driver of our business is 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 the services needed to support ADNOC’s targets and hence we benefit from significant visibility for our business. Our revenues, amounting to $4.9 billion in 2025, was powered 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 drier of the UAE’s energy leadership. We demonstrate superior and reliable conventional EBITDA and net income margins compared to peers at 51% and 36% in 2025 respectively.
The volatility of our historical financial performance is low. We also show a resilient and superior cash conversion profile than the broader drilling and OFS sector.
We have managed to achieve such results with almost the lowest gearing of any player in the industry, with a Net Debt to EBITDA ratio at 0.9x in 2025. . We are currently investing around $0.6 – 0.8 billion in 2024 and 2025 with the same range expected to continue in 2026 to invest in our rig fleet to cater for ADNOC Upstream growth targets. Thereafter our maintenance capex is expected at around $250 million p.a.
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