Adnoc Drilling has reported its "strongest first-quarter performance on record" in terms of revenue and net income, with high fleet activity, disciplined execution and long-term contract coverage supporting growth.
Net profit for the three-month period attributable to shareholders rose by more than 1 per cent to $344.8 million, the company said on Monday in a filing with the Abu Dhabi Securities Exchange, where its shares are traded.
The rise in profit was supported by a decrease in interest costs due to faster collections and successful refinancing completed in October, Adnoc Drilling, the biggest drilling company by rig count in the Middle East, added.
Revenue grew by nearly 5 per cent annually to more than $1.2 billion, "driven by increased activity across the oilfield services and offshore segments, partially offset by the impact from the repurposing of certain onshore rigs", the company added.
Adnoc Drilling said it experienced "no material operational or financial impact in the first quarter, continuity planning remains robust, with safety, people and asset integrity as the highest priorities".
The company "delivered a resilient and disciplined start to 2026", Adnoc Drilling chief executive Abdulla Al Messabi said.
"We remain focused on disciplined investment, strong cash generation and sustainable long-term returns for shareholders, while supporting Adnoc’s production capacity objectives,” he said.
Adnoc Drilling's rig fleet stood at 170 at the end of the first quarter, including 140 rigs in Abu Dhabi.
The company expects to pass $5 billion in revenue this year, topping last year's record despite Iranian attacks on energy sites across the UAE, chief financial officer Youssef Salem told The National last week.
"Our operations are completely resilient to recent events. We will continue to deliver fully in line with our expectations," he said.
