Recent Research

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  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.

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  EARNINGS CALL INSIGHT

  31 Jul 2025

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  5.83

  Target Price

  6.50

  Upside (%)

  +11.49%

  UAE Equity Research - ADNOC Drilling 2Q25 - Earnings Call Insight

  Net revenue grew strongly 27.9% YOY to USD 1,197 Mn in 2Q25, driven by growth across Onshore and Oilfield services (OFS) owing to the expansion of the operations. Onshore Segment revenue grew 16.2% YOY to USD 513 Mn in 2Q25, primarily due to new rigs starting operations and USD 49 Mn contribution from unconventional activity related to land drillin

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• 

  EARNINGS CALL INSIGHT

  30 May 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  5.30

  Target Price

  6.25

  Upside (%)

  +17.92%

  UAE Equity Research - ADNOC Drilling - Acquisition Insight

  ADNOC Drilling is acquiring a majority stake in a regional land rig portfolio operated by SLB (Schlumberger) in Oman and Kuwait, marking its first major international expansion.

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• 

  FIRST LOOK NOTES

  13 May 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  5.39

  Target Price

  6.25

  Upside (%)

  +15.96%

  UAE Equity Research - ADNOC Drilling 1Q25 - First Look Note

  OFS segmental revenue grew significantly from USD 146 Mn in 1Q24 to USD 342 Mn in 1Q25, mainly driven by USD 122 Mn revenue from the unconventional business, coupled with increased IDS activity and provision of more discrete services. ADNOCDRILL was operating 95 onshore and 47 offshore, with a rig availability of 96%, as of 1Q25.

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• 

  EARNINGS CALL INSIGHT

  12 May 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  5.25

  Target Price

  6.25

  Upside (%)

  +19.05%

  UAE Equity Research - ADNOC Drilling 1Q25 - Earnings Call Insight

  Net revenue grew strongly 32.1% YOY to USD 1,170 Mn in 1Q25 driven by the expansion of operations. Onshore Segment revenue grew 20.1% YOY to USD 494 Mn in 1Q25, primarily due to new rigs starting operations and USD 30 Mn contribution from unconventional activity related to land drilling.

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• 

  FIRST LOOK NOTES

  27 Feb 2025

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  5.51

  Target Price

  6.25

  Upside (%)

  +13.43%

  UAE Equity Research - ADNOC Drilling (ADNOCDRI) 4Q24 - First Look Note

  OFS segmental revenue grew significantly from USD 148 Mn in 4Q23 to USD 313 Mn in 4Q24, owing to growth in IDS activities, specifically positive phasing during 4Q24 related to pressure pumping, directional drilling and unconventional business.

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