Adnoc Drilling: A gradual change of physiognomy: from drilling to OFS. Our two questions.

We held a call with the entire IR team of Adnoc Drilling on 8 October 2026 ahead of 3Q26 (27 October 2026). For 3Q26, revenue could reach c.$1,240m, EBITDA c.$560m and net income c.$360m, helped by the full-quarter contribution of the island rig added in June (total offshore and island fleet of 50 rigs) and a full quarter of MBPS, partly offset by lower OFS revenue reflecting the planned phasing of unconventional activity. FY26 EBITDA is nonetheless expected toward the low end of the $2.2-2.3bn guidance, with capex closer to $600m. Early indications ahead of 2027: low to mid-single digit revenue growth, EBITDA margin of 43-44%, capex towards $800m. Looking forward, one should expect the physiognomy of Adnoc Drilling to gradually change and to more and more look like an OFS company - like SLB or Halliburton - rather than a drilling company. This raises two questions: 1) when will Adnoc Drilling fully consolidate Enersol?; 2) when will the two businesses (drilling + OFS) be spun off?