Latest news with #ArabianDrilling
Argaam
2 days ago
- Business
- Argaam
Arabian Drilling to announce Q2 2025 results on July 29
Arabian Drilling Co. intends to release its financial results for Q2 2025 on July 29, prior to the opening of trading on the Saudi Exchange (Tadawul). In a statement to Tadawul, the company said its management will hold a virtual meeting on July 31, at 15:00 (KSA time) to discuss the financial results and address questions from investors and financial analysts. Arabian Drilling reported a net profit of SAR 75 million in Q1 2025, a decline of 49% compared to SAR 146 million in Q1 2024, according to Argaam 's data. Analysts expect the company to report a net profit of SAR 40.64 million in Q2 2025.
Zawya
03-07-2025
- Business
- Zawya
Arabian Drilling unveils 4-rig contract extensions with Aramco
Riyadh: Arabian Drilling secured contract extensions for four of its rigs with Saudi Aramco, with a combined backlog value of SAR 1.37 billion and durations ranging between one to 10 years. This milestone boosts the company's current backlog to SAR 11.10 billion, according to a press release. In line with its commitment to delivering exceptional service quality, Arabian Drilling is expected to realize the financial impact of extensions starting the third quarter (Q3) of 2025. Ghassan Mirdad, CEO of Arabian Drilling, commented: "Securing these contract extensions enhances our financial stability and reinforces our strategic position within the industry as we advance towards achieving sustained growth and realizing long-term success in a competitive market.' In November 2024, the two companies inked an extension deal for land rigs at a value of SAR 290 million.
Argaam
02-07-2025
- Business
- Argaam
Arabian Drilling secures 4-rig contract extensions with Aramco for SAR 1.4B
Arabian Drilling Co. secures contract extensions for four of its rigs with Saudi Arabian Oil co. (Saudi Aramco) totaling a combined backlog value of SAR 1.37 billion with durations varying between one to 10 years. In a statement to Tadawul, the company said that this significant milestone elevates the company's current backlog to SAR 11.1 billion, expecting to realize the financial impact of extensions starting from Q3 2025. The renewal of these contracts is a key component of Arabian Drilling's efforts to extend the operational life of rigs scheduled to expire this year, which initially totaled 22 rigs on 31 March 2025. Following the prior announcement in May 2025, where Arabian Drilling extended contracts for two rigs, each for a period of 10 years, discussions continue regarding the renewal of the remaining rigs, the statement added. According to data available on Argaam, Arabian Drilling extended, in May, long-term contracts for two onshore drilling rigs with Saudi Aramco, valued at SAR 1.06 billion, with a duration of 10 years for each drilling rig.
Zawya
13-05-2025
- Business
- Zawya
Arabian Drilling expects Q2 2025 revenue to fall amid lower oil price
Saudi-listed Arabian Drilling Company expects the second quarter of 2025 revenue to reflect a potential 5-10 percent decline from first quarter 2025. This guidance reflects a cautious approach in response to the anticipated global reduction in demand for oil and gas, which has significantly impacted oil prices year-to-date, the company said in its first quarter 2025 financial statement issued on Tuesday on the Saudi stock exchange. The company also expects an indirect impact on its operations amid predictions indicating a continued decline in oil prices throughout the year. 'We advise vigilance and caution in forecasting future financial performance given the current volatile global economic conditions,' the statement said. Revenue rose 7.2 percent year-on-year (YoY) to 911 million Saudi riyals ($242.88 million), supported by the effective operation of all newly deployed unconventional land rigs and high rig move activity. Net income increased by 7.2 per cent YoY to SAR 75 million in the first quarter. (Writing by SA Kader; Editing by Anoop Menon) (
Argaam
05-05-2025
- Business
- Argaam
Arabian Drilling secures SAR 1.1B contract extensions for 2 rigs with Aramco
Arabian Drilling Co. (ADC) extended today, May 5, long-term contracts for two onshore drilling rigs with Saudi Aramco. In a statement to Tadawul today, the company said the contract is valued at SAR 1.06 billion, with a duration of 10 years for each drilling rig. The financial impact of this extension will appear in Q2 2025, Arabian Drilling expects. Under the contract, Arabian Drilling will continue to supply Aramco with two land drilling rigs, along with a full crew to carry out drilling operations in Saudi Arabia. No related parties are involved, the company noted.
