Abu dhabi: ADNOC Drilling company PJSC announced its financial results for the first quarter ended 31st March 2026, revealing its strongest first quarter performance on record in terms of revenue and net income, following a record-breaking 2025.
According to Emirates News Agency, the impressive start to the year was driven by high fleet activity, disciplined execution, growth in integrated services, long-term contract coverage, and technology-led delivery across the fleet. The company reported a revenue of $1.23 billion, marking a 5 percent increase year-on-year, while net profit rose 2 percent to $0.35 billion. Free cash flow saw a 12 percent increase to $0.36 billion, with a return on equity of 33 percent. Dividends for the quarter totaled $262.5 million.
The company's performance in the first quarter underscores the resilience of ADNOC Drilling's business model, which is supported by long-term contracts, high fleet utilization, and disciplined cost management. Despite dynamic market conditions, the company maintained operational continuity, stable activity levels, and strong cash generation, aided by ongoing operational efficiencies.
ADNOC Drilling experienced no significant operational or financial impacts in the first quarter of 2026. The company's continuity planning remains robust, prioritizing safety, people, and asset integrity. Abdulla Ateya Al Messabi, ADNOC Drilling CEO, stated, "Following our strongest year on record in 2025, we have delivered a resilient and disciplined start to 2026. This performance reflects the strength of our integrated drilling and energy services model, supported by long-term contracts, high utilization, and consistent execution."
Al Messabi highlighted the central role of the company's workforce in its performance, emphasizing their commitment to high safety standards and enhanced operational reliability. He also noted that the expanded use of technology is contributing to improved efficiency and value creation.
As ADNOC Drilling progresses through 2026, the focus remains on disciplined investment, strong cash generation, and sustainable long-term returns for shareholders, while supporting ADNOC's production capacity objectives. For the first quarter of 2026, the Board of Directors recommended a dividend of $262.5 million (approximately 6 fils per share), which is expected to be paid in early June to shareholders of record as of 18th May 2026.
The company's $1.05 billion annual dividend floor for 2026 is well supported by strong free cash flow generation, long-term contract coverage, and balance sheet strength.
