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ADNOC Drilling's Analyst Databook
ADNOC Drilling’s 2026 Guidance
| USD Billions (unless otherwise stated) (unless otherwise stated) |
FY 2026 Guidance |
|---|---|
| Revenue | ~ 5 |
| of which Onshore | ~ 2 |
| of which Offshore | ~ 1.5 |
| of which Oilfield Services | ~ 1.5 |
| EBITDA | 2.2 – 2.3 |
| EBITDA Margin | 44 – 45% |
| Net Profit | 1.45 – 1.50 |
| Net Profit Margin | 29 – 30% |
| CapEx (cash capex, excluding M&A) | 0.6 –0.8 |
| Free Cash Flow (excluding M&A) | 1.2 – 1.3 |
| Leverage (Net Debt/EBITDA) | < 2.0x |
| Dividend floor | 1.05 (+5% YoY) |
The forward outlook remains strong, anchored by sustained development in the drilling activity, supported by the new island rigs deliveries. 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% for the domestic conventional drilling business, and 23-26% for the conventional oilfield services (OFS).
Maintenance CapEx is expected at around $250 million per annum.
Guidance for 2027 and beyond will be provided as the phasing for additional rigs and additional OFS volumes is finalized.
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