Adnoc + Agility report positive 1Qs

Adnoc Drilling’s OFS push powers record 1Q

Adnoc Drilling posted its strongest-ever 1Q results, with revenue rising 5% y-o-y to USD 1.2 bn and net income up 2% to USD 347 mn, according to its management discussion and analysis report (pdf). Growth was driven by higher activity across oilfield services (OFS) and offshore drilling, though ongoing repurposing of certain onshore rigs partially offset results. Management also pointed to lower financing costs following last year’s refinancing exercise.

The company is planning on investing some USD 1 bn domestically and abroad this year, CFO Youssef Salem told CNBC (watch, runtime: 6:54). Between USD 600-800 mn will go toward drilling rigs and OFS equipment, with Salem also adding Adnoc Drilling’s strong balance sheet as giving it flexibility to push ahead with investments and takeovers at the same time. It’s targeting taking over three wells this year, and three next year in the UAE.

The push comes as the company targets a longer-term shift beyond its traditional drilling model, with management recently outlining plans for a 50-50 revenue split between drilling and manufacturing and oilfield services over the next five years.

Looking ahead: Adnoc Drilling reaffirmed its c.USD 5 bn FY 2026 revenue guidance despite the regional backdrop, saying there has been “no material impact” on core drilling operations. The company still expects two new island rigs to come online in 2H 2026 and is targeting around 70 IDS rigs by year-end. The board recommended a 1Q 2026 dividend of USD 262.5 mn, payable in June, as part of its progressive dividend policy targeting at least 5% annual increases through 2030.

Agility Global posts stronger 1Q revenue

Menzies and Logistics Parks keep Agility in growth mode: Abu Dhabi-listed Agility Global saw its revenues surge 23% y-o-y to USD 1.4 bn in 1Q 2026 — driven by strong performance at its aviation services arm Menzies, higher fuel logistics activity at Tristar, and an expanding portfolio of income-generating assets across Agility Logistics Parks, according to its financial release.