Abu Dhabi, United Arab Emirates – ADNOC Drilling announced today, Wednesday, its financial results for the second quarter and first half of 2025, achieving net profits of AED 2.54 billion for the first half, with a growth of 21% year-on-year, driven by fleet expansions, increased drilling operations, and growth in oilfield services.
The company revealed, in a statement, that its revenues for the first half of the year grew by 30% on an annual basis to reach 8.71 billion dirhams, while profits before deducting interest, taxes, depreciation and amortization amounted to 3.97 billion dirhams, a growth rate of 19% on an annual basis.
Abdullah Attia Al-Masabi, CEO of ADNOC Drilling Company, said that the record financial results achieved during the first half of 2025 reflect the company’s ability to grow and expand and the strength and flexibility of its business model, stressing their continuation to achieve exceptional levels of financial performance and provide reliable and high-value returns to shareholders, and implement well-thought-out plans for regional expansion, by enhancing the use of artificial intelligence solutions and tools and advanced technology.
In detail about the second quarterly dividends that enhanced the attractiveness of the company’s stock; The Board of Directors approved a quarterly dividend of $217 million, “about 5 money per share”, for the second quarter of 2025. These dividends are expected to be paid during the second half of August 2025 to all registered shareholders until the 8th of the same month, which confirms the company’s commitment to providing a stable and growing return to shareholders.
ADNOC Drilling continues to provide attractive returns and enhance growth opportunities for shareholders by announcing two quarterly dividend distributions during 2025, and expects to announce the third distribution later in the same year, which provides clear and growing returns for shareholders, in line with its progressive dividend policy.
Regarding sector growth during the first half, revenues from the onshore drilling services sector increased by 18% year-on-year to AED 3.67 million, thanks to the operation of new rigs, in addition to unconventional drilling revenues, which reached AED 290 million.
For its part, the oilfield services sector achieved revenues of 2.53 billion dirhams, with a growth of 127% on an annual basis, driven by revenues from unconventional drilling work, which amounted to 973 million dirhams, in addition to an increase in the activity of integrated drilling services “IDS” and separate additional services.
Revenues from the marine services sector “marine drilling and artificial islands” also amounted to 2.46 billion dirhams, driven by the resumption of drilling activity on the islands, and the two new marine drilling rigs will fully contribute to revenues by the third quarter of 2025.
Regarding the joint projects that achieved strategic value and enhanced innovation and resources, the company explained that the regional expansions in Kuwait and the Sultanate of Oman through the signing of an agreement to acquire a 70% stake in SLP’s onshore drilling operations in the two countries are an important step that enhances the implementation of its growth plans and consolidates its leading position in the field of drilling and integrated services.
The deal, once completed, will provide ADNOC Drilling with ample opportunities to achieve profits, cash flows, immediate returns and cumulative growth, through two onshore rigs operating in Kuwait and six rigs in the Sultanate of Oman. The establishment of the joint venture, completion of the deal and acquisition of a 70% stake in the drilling work are all subject to the required regulatory approvals.
Enersol, the energy technology investment platform of ADNOC Drilling, has boosted its success during the second quarter of 2025, by expanding its operations locally and enhancing the use of advanced technology in the energy sector across the UAE. Enersol intends to implement its plans to conclude new acquisition deals, in addition to four successful acquisitions that were previously completed, in addition to accelerating the development and equipping of its headquarters in Abu Dhabi.
For its part, Turnwell, a subsidiary of ADNOC Drilling and specializing in unconventional drilling, continued during the second quarter to expand the scope of its operations in onshore unconventional energy source basins in the UAE. It also succeeded in drilling an additional number of highly efficient wells, and completed drilling 58 wells out of 144 wells, i.e. a completion rate of more than 40%. It also completed hydraulic fracturing operations for more than 20 wells.
ADNOC Drilling won new contracts in 2025 with a total value of around AED 17.63 billion, making this the strongest period in the company’s history in terms of the volume of contracted projects being implemented. These contracts, which were based on ADNOC Drilling’s approach aimed at creating and enhancing value and increasing returns for shareholders, include integrated drilling services, oil field services, and drilling services, which enhances the clarity of vision for profits until 2040 and beyond.
The company confirmed its redirection to the medium term by raising fiscal year 2026 revenues to up to $5 billion, maintaining the traditional profit margin before deducting interest, taxes, depreciation and amortization at 50% while exceeding the traditional drilling margin by 50% and maintaining the oilfield services margin within the range of 22% – 26% in the medium term.
She also stressed that the percentage of net capital used from targeted revenues would be approximately 12%, in addition to capital expenditures for maintenance ranging between 200 – 250 million dollars annually, “excluding capital expenditures for organic and inorganic growth”, and raising the number of excavators to more than 151 excavators by 2028.
