ADES announces temporary suspension of some rigs

ADES Holding's jack-up rig

ADES Holding Co. said some offshore rigs in the GCC were temporarily suspended due to ongoing regional tensions, expecting the suspensions to be short term.
 
The company reaffirmed its commitment to ensuring the safety of its employees and assets, while continuing to closely coordinate with clients and relevant stakeholders to monitor developments and maintain operational readiness, according to a Tadawul statement.
 
It added that the group’s scale and geographic diversification—comprising 123 drilling rigs across 20 countries— position it well to manage such short-term disruptions, supported by its diversified business model.
 
ADES Holding guided for EBITDA growth of 33%–44% from the top end of its 2025 guidance of SAR 3.39 billion to reach SAR 4.50 billion–4.87 billion in 2026.

The company said its 2026 earnings outlook is supported by several factors, most notably improved visibility on the performance of Shelf Drilling Ltd. following its acquisition, increased confidence in the realization of expected operational synergies, and continued momentum across the group’s international markets.

The group continues to benefit from the diversification of its operating base and geographic expansion, alongside encouraging tender activity and rising utilization rates driven by the current tender pipeline, which are expected to positively impact day rates in selected international markets.

At the same time, it highlighted the continued positive contribution from its production-led model activities, supported by favorable oil prices and sustained customer demand to boost output from mature fields.