ADES Holding Company reported record financial results for the quarter ending March 31, 2026, following the acquisition of Shelf Drilling.
Revenue for the period increased 62.6 per cent to SAR2.39 billion ($0.64 billion) as offshore operations across its global platform remained strong, the company highlighted.
Profit reached SAR240.9 million during the first quarter, representing a 22.5 per cent rise compared to the same period in 2025. The company said it expects margins to gradually recover as integration progresses and operational synergies are realised.
The total backlog for the group stood at SAR34.47 billion as of March 31, while utilisation rates for the fleet were recorded at 96 per cent.
Operating rigs reached 96 units during the first quarter compared to 66 units in the same period last year.
In March, the company signed multi-year contracts worth approximately SAR2.73 billion for three premium jack-up rigs to support field development in Nigeria. These operations are scheduled to begin in the second half of 2026.
Nigeria saw further growth in April with a one-year extension for Shelf Drilling Scepter with Chevron Nigeria, adding SAR178 million to the backlog. A local oil company also awarded a two-year contract for Shelf Drilling Victory valued at SAR347.6 million.
The company secured a multi-year contract for Shelf Drilling Enterprise with Valeura Energy in Thailand during the same month. This contract is valued at SAR345 million and operations are expected to commence in the fourth quarter of 2026.
Management stated that remaining suspended units are expected to gradually return to operations during 2026.
