Youssef Salem, Chief Financial Officer at ADNOC Drilling, stated that over the next five years, the company is targeting a more balanced revenue mix, with approximately 50 percent derived from drilling operations and the remaining 50 percent from manufacturing and value-added services. This approach forms part of its broader strategy to boost local manufacturing and diversify income streams.
Speaking on the sidelines of Make it in the Emirates 2026, Salem highlighted that ADNOC Drilling’s participation underscores its commitment to expanding local industrial content. He noted that the company has entered into three agreements with both local and international partners, including ADNOC Refining, to broaden oil equipment manufacturing capabilities within the UAE.
He emphasised that strengthening local manufacturing helps lower costs, enhance operational efficiency, and reinforce supply chains. The company is actively working to localise the production of critical equipment such as drilling tools and measurement services, enabling both domestic utilisation and export to global markets.
Salem pointed out that ADNOC Drilling continues to grow its footprint beyond the UAE, currently operating around 30 rigs in regional markets out of a total fleet of 170 rigs.
He also disclosed that the company recently finalised two key international acquisitions. The first involved securing business stakes in Oman and Kuwait in January, while the second saw the acquisition of an 80 percent stake in Mohamed Al Barwani Oil Services. These moves added approximately 22 rigs, increasing the total number of rigs operating outside the UAE to around 30.
He added that the company’s revenues currently stand at approximately USD 5 billion, with USD 3.5 billion generated from drilling activities and around USD 1.5 billion from oilfield services and manufacturing. This segment accounts for nearly 30 percent of total revenue and is expected to grow further in the coming years.
On operational performance, Salem expressed confidence that the company is on track to meet its targets, supported by the flexibility of its business model and its reliance on long-term contracts.
