Adnoc Drilling, the Middle East's biggest drilling company by rig count, does not see fluctuating oil prices affecting its revenue streams, its chief financial officer has said.
The Abu Dhabi National Oil Company unit continues to post higher results due to its fully fixed-price contracts, which shield it from oil markets, which are volatile at times, Youssef Salem told The National on Tuesday.
“Oil prices do not impact the business at all … and that's exactly why the business, for the last nine quarters, has beaten consensus at a very different oil price environments,” he said.
Adnoc Drilling has also already invested $800 million in Enersol, its joint venture with Alpha Dhabi Holding, out of its goal of investing $1.5 billion in technology-driven companies within the oilfield services sector.
“We're very focused on the value chain of technologies in terms of drilling and production,” he said.
“From a geographic perspective, we'll continue to be … seeking opportunities globally.”
Adnoc Drilling on Tuesday reported a 10 per cent annual jump in its third-quarter profit to hit a record, driven by its pipeline of long-term projects and implementation of new technology.
Net profit after tax in the three months ended September 30 rose to $368.2 million, the company said on Tuesday in a filing to the Abu Dhabi Securities Exchange, where its shares trade.
Revenue rose more than 22 per cent year-on-year to $1.26 billion, while earnings before interest, taxes, depreciation and amortisation – a key metric of profitability – increased 10 per cent to $560 million.
The record profitability and cash generation during the third quarter were underpinned by “strong operational execution, resilient long-term contracts and accelerated adoption of artificial AI technologies across the fleet”, the company said.
Adnoc Drilling also reported a 17 per cent rise in net profit for the first nine months of the year to $1.06 billion. Revenue from January to the end of September rose more than 27 per cent to $3.63 billion, while Ebitda added 15 per cent to reach about $1.64 billion.
“Our record performance in 2025 showcases the strength and resilience of our business model and disciplined execution,” said Adnoc Drilling chief executive Abdulla Al Messabi.
The company has updated its full-year guidance, with the top end of its revenue now at $4.85 billion, up from a previous projection of $4.8 billion. The lower end of its net profit expectations was increased, while Ebitda remains the same.
Adnoc Drilling has plans to grow its wells to more than 300 and expand its integrated drilling services fleet to 70 rigs by 2030. It is also preparing new offshore island operations by the end of the decade, which are projected to add “billions in new revenue streams”, Mr Al Messabi added.
The strategy will be “de-risked by our in-house expertise and powered by our ambition to become AI-native”, explained Mr Al Messabi, who was appointed chief executive in June.
Adnoc Drilling is the largest integrated drilling services company in the Middle East by fleet size. It owned 142 rigs by the end of 2024, with three island rigs on order for 2026. The company expects to grow the rig count to at least 148 by the end of 2026, and to 151 by 2028.
Earlier this month, the company announced a dividend distribution floor of Dh25 billion ($6.8 billion) by 2030, representing a 26 per cent minimum cumulative dividend return – part of the Adnoc group's plan to distribute Dh158 billion in dividends across its six publicly listed companies by the end of this decade.
Adnoc Drilling also said it is rapidly advancing its unconventional energy programme, with strong early results from initial wells in the Ruwais Diyab Concession.
Adnoc Drilling has won a spate of major contracts in 2025, including a five-year $1.63 billion deal for integrated drilling services and a $1.15 billion contract for two jack-up rigs, both from Adnoc Offshore. It has also won an $800 million contract from Adnoc Onshore for the provision of integrated hydraulic fracturing services for conventional and tight reservoirs.
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
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Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
ORDER OF PLAY ON SHOW COURTS
Centre Court - 4pm (UAE)
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Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
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Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
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1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
Tips to keep your car cool
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The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
