ADNOC Drilling aims to balance its revenue structure over the next five years, with approximately 50 percent coming from drilling operations and 50 percent from manufacturing and related value-added services, as part of its strategy to enhance local manufacturing and diversify income sources, according to Yousef Salem, the company’s Chief Financial Officer.
Salem said, on the sidelines of the Make in the UAE 2026 platform, that ADNOC Drilling’s participation in the event stems from its focus on increasing local content in the industry, noting the signing of three agreements with local and international companies, including ADNOC Refining and international companies, with the aim of expanding the scope of oil equipment manufacturing within the country, according to the official Emirates News Agency.
He explained that promoting local manufacturing contributes to reducing costs, improving operational efficiency, and supporting supply chains, stressing that the company is working to localize the manufacturing of vital equipment such as drilling equipment and measurement services, enabling their use locally and export to foreign markets.
He noted that ADNOC Drilling has a growing presence outside the country, currently operating around 30 drilling rigs in regional markets, out of a total of 170 rigs it has.
ADNOC Drilling revealed that it recently completed two strategic acquisitions outside the country. The first included the acquisition of a stake in Oman and Kuwait’s operations in January, while the second included the acquisition of 80 percent of Mohammed Al Barwani Oil Services Company, adding about 22 new drilling rigs, bringing the total number of drilling rigs outside the country to about 30.
He added that the company's revenues amount to about $5 billion, of which $3.5 billion comes from drilling activities, while oil services and manufacturing contribute about $1.5 billion, which is about 30 percent of total revenues, noting that this percentage is likely to increase within future plans.
Regarding operational performance, Salem confirmed that the company expects to achieve results in line with targets, benefiting from the flexibility of its business model and its reliance on long-term contracts.
He explained that the company is continuing its expansion plans, driven by the targeted increase in production capacity for the UAE, where six new drilling rigs are expected to be added within the country and four outside the country during the next two years.
