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.