Adnoc Drilling records $341m net profit in Q1
Adnoc Drilling has reported strong financial results for the first quarter of 2025, demonstrating its financial resilience and laying the foundation for another year of growth and success.
Key first-quarter highlights include revenue of $1.17 billion, a 32% YoY increase, EBITDA of $533 million, and net profit of $341 million, a 24% YoY increase.
Adnoc Drilling's growth momentum continues in 2025, driven by sustained demand for its services, strategic investments in fleet expansion, integrated services, artificial intelligence (AI), advanced technologies, and international expansion.
Abdulrahman Abdulla Al Seiari, Adnoc Drilling CEO, said: 'The first quarter of 2025 has been more than just a strong start for Adnoc Drilling, it has demonstrated our financial resilience and laid the foundation for another year of significant growth. We are progressing at pace on our strategic priorities, expanding our rig fleet, scaling our oilfield services offering and advancing our AI and digital capabilities.
'As we secure new contracts and expand into strategic markets, our scale and commitment to innovation continue to enhance efficiency and performance across the business. With a robust revenue pipeline, sustained demand, growing international interest and unparalleled visibility of future earnings, Adnoc Drilling is well positioned to deliver sustainable growth and value for our shareholders. We remain committed to playing a leading role in the advancement of energy services in our domestic market and beyond.'
Onshore revenue increased 20% YoY to $494 million, mainly due to new rigs commencing operations and a $30 million contribution from the unconventional business.
Offshore revenue increased 2% YoY to $334 million, mainly due to higher activity island rigs.
Oilfield Services revenue increased 134% YoY to $342 million, mainly driven by $122 million in revenue from the unconventional business, coupled with increased integrated drilling services (IDS) activity and provision of more discrete services.
The Board of Directors approved dividends to be paid quarterly, with the first quarterly payment of $217 million expected to be paid on or around May 28, 2025. Additional dividends may be approved at the Board of Directors' discretion after considering free cash flow accretive growth opportunities.
Adnoc Drilling's growth is underpinned by its bold innovation strategy, executed through its two next-generation joint ventures: Enersol and Turnwell. Enersol, Adnoc Drilling's advanced energy technology platform, successfully completed the acquisition of DWS, further scaling its portfolio of AI-driven, performance-enhancing technologies that power smarter, more sustainable drilling solutions. Turnwell, Adnoc Drilling's joint venture with SLB and Patterson UTI, has delivered a step-change in UAE unconventional energy development, achieving a significant reduction in well delivery times through the deployment of DrillOps™, Advisory, and Neuro advanced AI and digital tools.
Adnoc Drilling is expanding its operational reach beyond the United Arab Emirates (UAE) through pre-qualification and ongoing tenders in Oman and Kuwait, both strategic and key growth markets with strong and increasing demand for world-class drilling and energy services. These new frontiers offer diversified revenue streams and reinforce Adnoc Drilling's leading position across the region.
As Adnoc Drilling accelerates its growth and continues to scale, 2025 is set to be a pivotal year, defined by innovation, international growth, and strong shareholder returns. The Company's previously announced full year 2025 and medium-term guidance remains unchanged, supported by recent contract awards.
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