Saudi Drilling Contracts Hit 40% Revenue
The article discusses the return of Saudi Aramco Drilling Company, the largest drilling company in Saudi Arabia, to profitability after recording losses in the second quarter due to the suspension of some of its offshore rigs. The report highlights that the substantial contracts recently signed, worth up to 7 billion SAR, represent 41% of the company's expected revenue for 2025 and will lead to improved financial performance and a return to profit mainly in the fourth quarter of 2026. It is also anticipated that the operation of offshore platforms and improved operational cash flows will enable the resumption of cash dividends, which were halted last year. Additionally, there are expectations of a 24% year-on-year revenue growth in the third quarter, along with eased capital expenditures and forecasts of the company achieving quarterly profits and dividends in the future.
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