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.