Recent Research

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  FIRST LOOK NOTES

  30 Oct 2026

  ADNOC Drilling

  BUY

  Last Closing Price

  5.75

  Target Price

  7.00

  Upside (%)

  +21.74%

  UAE Equity Research - ADNOC Drilling (ADNOCDRI) 3Q26 - First Look Note

  Fleet expanded 23% YOY to 172 rigs, with 142 rigs in Abu Dhabi and 30 regional rigs, primarily reflecting the addition of 30 regional rigs through the SLDC and MBPS acquisitions.

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  EARNINGS CALL INSIGHT

  28 Oct 2026

  ADNOC Drilling

  BUY

  Last Closing Price

  5.70

  Target Price

  7.00

  Upside (%)

  +22.81%

  UAE Equity Research - ADNOC Drilling (ADNOCDRI) 3Q26 - Earnings Call Insight

  Revenue declined 1.0% YOY to USD 1,247 Mn in 3Q26, primarily due to the anticipated lower phasing of unconventional activity, which contributed USD 67 Mn to 3Q26 revenue against USD 158 Mn in 3Q25, along with the repurposing of certain land rigs and two jack-up rigs. This was partially offset by the consolidation of SLDC and MBPS,

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• 

  FIRST LOOK NOTES

  31 Jul 2026

  ADNOC Drilling

  BUY

  Last Closing Price

  5.82

  Target Price

  7.00

  Upside (%)

  +20.27%

  UAE Equity Research - ADNOC Drilling (ADNOCDRI) 2Q26 - First Look Note

  Fleet expanded 21% YOY to 171 rigs, driven by the SLDC and MBPS acquisitions, strengthening ADNOC Drilling's regional footprint. Integrated Drilling Services (IDS) rigs increased from 58 to 61 in 2Q26, supporting higher operational efficiency and long-term Oilfield Services earnings growth.

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• 

  EARNINGS CALL INSIGHT

  31 Jul 2026

  ADNOC Drilling

  BUY

  Last Closing Price

  5.82

  Target Price

  7.00

  Upside (%)

  +20.27%

  UAE Equity Research - ADNOC Drilling (ADNOCDRI) 2Q26 - Earnings Call Insight

  Revenue grew 2.9% YOY to USD 1,232 Mn in 2Q26, driven by the consolidation of SLDC and MBPS, the contribution of two jack-ups that commenced operations at the end of 2Q25, the partial contribution of the AI-enabled island rig delivered in June 2026, and higher fuel escalation, partially offset by the repurposing of certain onshore rigs and the lower phasing of unconventional activity,

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  FIRST LOOK NOTES

  19 May 2026

  ADNOC Drilling

  BUY

  Last Closing Price

  5.91

  Target Price

  7.00

  Upside (%)

  +18.44%

  UAE Equity Research - ADNOC Drilling (ADNOCDRI) 1Q26 - First Look Note

  Revenue increased 5.0% YOY to USD 1,228 Mn in 1Q26, supported by growth in the OFS segment and stable offshore activity despite the impact from onshore rig repurposing. ADNOC Drilling’s pro-forma rig fleet expanded to 170 rigs by the end of 1Q26, including 140 rigs in Abu Dhabi and 30 regional rigs across Oman, Kuwait, and Bahrain through the SLDC and MBPS transactions.

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• 

  FIRST LOOK NOTES

  17 Feb 2026

  ADNOC Drilling

  BUY

  Last Closing Price

  5.23

  Target Price

  6.50

  Upside (%)

  +24.28%

  UAE Equity Research - ADNOC Drilling (ADNOCDRI) 4Q25 - First Look Note

  Revenue grew 7.5% YOY to USD 1,276 Mn in 4Q25, driven by strong growth across the Offshore and the OFS segment. As of December 2025, the Company proforma total fleet size stood 169 rigs, including 8 rigs in Oman and Kuwait acquired through the SLB transaction completed in early January 2026, and 21 regional rigs under the MBPS transaction.

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