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Adnoc Drilling Expands Fleet, Rig Availability in Q1

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Adnoc Drilling highlighted fleet expansion and improved rig availability in its Q1 results on Monday, which have supported record quarterly revenue.

The company's fleet grew to 148 rigs in Q1 from 142 rigs in the year-ago period. With the acquisition of a 70% stake in SLB (SLB) and an 80% stake in MB Petroleum Services, Adnoc Drilling's pro-forma fleet in Q1 stood at 170.

During the period, rig availability increased year over year to 98% from 96%. Data showed that onshore rig availability was at 99% in Q1, while offshore rig availability was at 97%.

The upstream company drilled a total of 191 wells in Q1, according to the report, of which 160 were located onshore and 31 were offshore. These compare with Q1 2025's 184 wells, consisting of 149 onshore wells and 35 offshore wells.

The company also reported that, for its onshore segment, revenue declined 3% year over year to $477 million. The addition of eight land rigs following a stake acquisition in SLB was offset by the impact of repurposing of onshore rigs and conversion of two onshore rigs to offshore rigs in H2 2025.

The offshore segment posted a 3% year-over-year rise in revenue to $345 million, due to the addition of two new jack-ups in H2 2025, and with two converted onshore rigs.

In the oilfield services segment, Q1 revenue stood at $406 million, a 19% jump from a year earlier. The number of rigs providing integrated drilling services rose to 60, compared with the prior year's 57. The number providing discrete services rose to 53 rigs, relative to 48 rigs a year earlier.

For the full year of 2026, the company expects onshore revenue to reach $2 billion, while it projects offshore and oilfield services will generate $1.5 billion each in revenue.

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