Al-Hafar Al-Arabi relies on fourth quarter fleet operations

Saudi Arabian Drilling Company (ADC) anticipates that the fourth quarter of 2026 will be a pivotal phase for regaining full operational momentum. The focus will be on operating the entire fleet and fully translating new contract signings into revenue. The company aims to achieve utilization rates of approximately 94%, and to raise its backlog to 18 billion riyals, reflecting increased activity and new contract awards worth over 5 billion riyals for onshore rig operations. At the same time, the company has decided to temporarily suspend dividend distributions to convert the backlog into cash flows, emphasizing investments and cost reductions. Meanwhile, forecasts suggest revenue growth of 4-6% in the third quarter and financial results that will support maximized financial performance in the upcoming period.

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