ADES Holding Company reported a 49 per cent year-over-year increase in revenue to SAR4.54 billion ($1.21 billion) for the first half of 2026, driven by the acquisition of Shelf Drilling and strong offshore performance.
Earnings before interest, taxes, depreciation, and amortisation rose 29.2 per cent to SAR2.16 billion, while net profit declined 3.7 per cent to SAR374.1 million amid non-recurring insurance expenses and lower-margin contributions from Shelf Drilling.
Second-quarter revenue grew 36.4 per cent year-over-year to SAR2.15 billion, while net profit fell 30.5 per cent to SAR133.3 million as regional geopolitical conflict led to temporary rig suspensions.
The group maintained a fleet utilisation rate of 97.6 per cent and a total backlog of SAR34.67 billion as of June 30, with a weighted average remaining contract tenor of 4.54 years.
During the period, contract awards and extensions included multi-year agreements in Nigeria for jack-up rigs Shelf Drilling Scepter, Shelf Drilling Victory, Main Pass IV, and Shelf Drilling Odyssey.
Additional charters were secured for Shelf Drilling Enterprise in Thailand, Shelf Drilling Winner in the Netherlands, and Shelf Drilling Fortress in the UK North Sea.
In June 2026, ADES signed a definitive agreement to acquire Saipem's shallow-water drilling business in Saudi Arabia for approximately $285 million, comprising five jack-up units and an associated backlog of SAR3.8 billion.
Scheduled for completion in the third quarter of 2026, the transaction will expand the group's offshore fleet to 88 units and mark its initial entry into Mexico.
“The first half of 2026 demonstrated the strength and increasing diversification of ADES’ global platform,” Chief Executive Officer Mohamed Farouk said. He added that the group expects full-year EBITDA guidance to remain between SAR4.5 billion and SAR4.87 billion, supported by strong backlog visibility and the resumption of affected operations.
Operations in Qatar and two offshore rigs in Saudi Arabia have received resumption notices following earlier conflict-related suspensions, the company noted.