Riyadh – Mubasher: The net profits attributable to the shareholders of Arabian Drilling fell by 90.55% to SAR 7.10 million in the first quarter (Q1) of 2026 from SAR 75.20 million in Q1-25.
The revenues amounted to SAR 821.60 million in Q1-26, down 9.82% year-on-year (YoY) from SAR 911.10 million, according to the interim financial results.
Meanwhile, the earnings per share (EPS) declined to SAR 0.08 as of 31 March 2026 when compared to SAR 0.84 in Q1-25. The backlog amounted to SAR 12.50 billion.
Quarterly, the Saudi firm turned profitable in Q1-26 against net losses of SAR 148.50 million in Q4-25, while the revenues edged down by 0.32% from SAR 824.30 million.
Arabian Drilling secured three major land contract extensions in Q1-26, as announced on 13 January. The company is also awaiting the outcome of the 11-rig gas LSTK tender with SLB, with results expected in Q2 2026. The company received a three-month extension for these rigs.
CEO of Arabian Drilling, Fahad Albani, commented: “Safety remains our absolute priority. The offshore suspensions reflect a disciplined and precautionary approach taken in close coordination with our clients, with the well-being of our people and the integrity of our assets at the forefront.”
