ADES Holding Company reported a 7.9 per cent increase in annual revenue to SAR6.69 billion ($1.78 billion) for the fiscal year ending December 31, 2025. This growth was attributed by the company to the expansion of offshore operations and the acquisition of Shelf Drilling Corporation which was finalised in November 2025.
Net profit for the period rose by two per cent to reach SAR832.9 million. This result was achieved despite higher depreciation and interest expenses, which the company noted were partially offset by gains on equity instruments.
The group’s total backlog reached a record SAR34.71 billion by December 31, 2025. This figure represents a significant increase from the SAR28.27 billion recorded at the end of the previous year.
Chief Executive Officer Dr. Mohamed Farouk expressed satisfaction with the results, highlighting the consistency of the operating model. He stated, “Operational strength translated into solid financial delivery.”
The acquisition of Shelf Drilling added 33 jack-up rigs to the fleet, bringing the total to 83 offshore and 40 onshore units. This move expanded the operational footprint of the business to 20 countries, including new entries into Norway and the UK.
Utilisation rates for the fleet remained high at 97.9 per cent throughout the year. The company also reported a safety rate of 0.08, which remains below the industry standard of 0.41.
In the Saudi Arabian market, the business received notices to resume operations for several offshore and onshore contracts on October 29, 2025. Management indicated these developments reinforce long-term confidence in the domestic market fundamentals.
Through its Shelf Drilling subsidiary, the group secured a two-year offshore contract in Southeast Asia valued at approximately SAR236 million. The agreement involves the Compact Driller standard jack-up rig and was signed with Brunei Shell Petroleum.
ADES Holding reported it is focused on its outlook for 2026, where earnings before interest, tax, depreciation and amortisation (EBITDA) are expected by the group to range between SAR4.50 billion and SAR4.87 billion. Management said this projection is supported by the integration of the Shelf Drilling portfolio and the return to service of suspended rigs in Saudi Arabia.
