Riyadh – Mubasher: Arabian Drilling incurred net losses valued at SAR 31.50 million for the second quarter (Q2) of 2026, compared to a net profit of SAR 7.50 million during the same period in 2025.
The company attributed the downturn to a decline in revenue, which fell by 11.34% year-on-year (YoY) to SAR 764.70 million.
The revenue drop was primarily driven by a decrease in rig utilization rates, which fell to 72% from 79% in the prior-year quarter. Operating profit for the period plummeted by 71.98% to SAR 18.80 million.
On a quarterly basis, revenues declined -6.93% from SAR 821.60 million in the first quarter (Q1) of 2026, largely due to the SAR 122 million impact of temporary offshore rig suspensions. This was partially offset by a SAR 47 million operational improvement in the land rig segment.
For the first half (H1) of 2026, the company recorded a net loss of SAR 24.50 million, down from a profit of SAR 82.70 million a year earlier. Half-year revenue reached SAR 1.59 billion, a 10.56% decrease compared to SAR 1.77 billion in H1-25.
Despite the losses, the company maintained a contract backlog of SAR 11.83 billion as of 30 June 2026, and noted that three suspended offshore rigs resumed operations on 1 August.
As of 31 March 2026, the company’s net profits fell by 90.55% to SAR 7.10 million from SAR 75.20 million in Q1-25.
