Recent Research

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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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• 

  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.

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• 

  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,

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