Adnoc Drilling Tightens 2026 Outlook as Profit Drops in Third Quarter

05:50 AM EDT, 10/27/2026 (MT Newswires) -- Adnoc Drilling Co. (ADX:ADNOCDRILL) sharpened its 2026 earnings outlook at the lower end of its guidance range after reporting lower financial results for the third quarter. For the three months ended Sept. 30, the Abu Dhabi-listed offshore drilling company's profit attributable to owners decreased year over year to $365.4 million from $368.2 million, according to a Tuesday filing. Revenue in the reporting period was $1.25 billion, compared with $1.26 billion a year ago. On the other hand, attributable profit for the first nine months of 2026 increased year over year to $1.07 billion from $1.06 billion, while revenue moved to a "record" $3.71 billion from $3.63 billion. "Our nine-month performance reflects the strength of ADNOC Drilling's business model, the resilience of our highly contracted revenue base and the successful execution of our growth strategy. We continue to deliver consistent financial performance while investing in the capabilities, technologies and partnerships that will support the next phase of our growth," said Chief Executive Officer Abdulla Naji Ateya Al Messabi. Adnoc Drilling expects to report a full-year 2026 net profit of $1.45 billion, compared with previous guidance of $1.45 billion to $1.50 billion. EBITDA projections were tightened to $2.2 billion from a previously guided range of $2.2 billion to $2.3 billion, while revenue expectations were confirmed at $5 billion. Directors of the company also approved a total dividend distribution totaling $350 million for the third quarter, comprising a base quarterly dividend of $262.5 million and the first $87.5 million of a two-tranche discretionary payout totaling $175 million. The third-quarter payout will be paid in the second half of November to shareholders on record as of Nov. 5.