23 Hrs
Source:
الاقتصادية
Arab Drilling Maintains Full Fleet in Q4
Saudi Arabian Drilling Company anticipates achieving full stability in its fleet operations during the fourth quarter of 2026, following the recent restart of most of its affected platforms. The company is focused on operating the entire maritime fleet to turn its record backlog of approximately 18 billion riyals into actual revenues and cash flow, with expected operating rates increasing to around 94% during the fourth quarter. Additionally, the company has signed two onshore drilling service contracts worth nearly 5 billion riyals, aiming to restart 19 onshore drilling rigs, which will support growth and revenue generation. At the same time, the company has decided to temporarily suspend dividends to concentrate liquidity on contract execution and fleet expansion, while monitoring market performance and regional expansion opportunities, especially in Oman. The company's strategy emphasizes increasing operational rates, reducing costs, and converting backlog into cash revenues, with the decision to resume dividends remaining contingent on financial performance and investment needs.
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