Recent Research

• 

  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.

  Download
• 

  EARNINGS CALL INSIGHT

  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 - Earnings Call Insight

  Net revenue grew 7.5% YOY to USD 1,276 Mn in 4Q25, driven by the expansion of its unconventional operations and the integration of offshore rigs in 2H25. Additionally, the Company’s revenue in 4Q24 benefited from favorable OFS phasing and Onshore reimbursements of c. USD 80 Mn; excluding this, 4Q25 revenue would have grown 15.3% YOY.

  Download
• 

  EARNINGS CALL INSIGHT

  06 Nov 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  5.54

  Target Price

  6.50

  Upside (%)

  +17.33%

  UAE Equity Research - ADNOC Drilling - Acquisition Insight

  ADNOC Drilling entered into an agreement to acquire an 80% stake in MB Petroleum Services (MBPS) for AED 749 Mn (USD 204 Mn), which is expected to close in 1H26, financed through its existing debt capacity,

  Download
• 

  FIRST LOOK NOTES

  30 Oct 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  5.58

  Target Price

  6.50

  Upside (%)

  +16.49%

  UAE Equity Research - ADNOC Drilling 3Q25 - First Look Note

  Revenue grew 22.8% YOY to USD 1,260 Mn in 3Q25, driven by strong growth across the Offshore and the OFS segment. As of September 2025, the Company operated a total fleet of 148 rigs, including 8 rigs in Oman and Kuwait that are part of the recently announced transaction with SLB.

  Download
• 

  EARNINGS CALL INSIGHT

  29 Oct 2025

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  5.77

  Target Price

  6.50

  Upside (%)

  +12.65%

  UAE Equity Research - ADNOC Drilling 3Q25 - Earnings Call Insight

  Net revenue grew strongly 22.8% YOY to USD 1,260 Mn in 3Q25, driven by the expansion of operations and the full operational impact of rigs commissioned in stages over the course of last year.

  Download
• 

  FIRST LOOK NOTES

  31 Jul 2025

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  5.84

  Target Price

  6.50

  Upside (%)

  +11.30%

  UAE Equity Research - ADNOC Drilling 2Q25 - First Look Note

  Revenue grew 27.9% YOY to USD 1,197 Mn in 2Q25, driven by strong growth across the Onshore and the OFS segment. The Company’s Unconventional operations generated USD 192 Mn in revenue during 2Q25.

  Download

Load more reports