Arabian Drilling posts SAR 31.5 million loss in Q2 2026

Arabian Drilling Company reported a net loss of 31.5 million riyals (SAR) in the second quarter of 2026, compared to a profit of 7.5 million riyals in the same period of 2025.

The company attributed the loss this quarter to an 11.34% decline in revenues compared to the second quarter of 2025, as rig utilization rates fell to 72% from 79%. It noted that this drop was partially offset by the full impact of revenues from unconventional rigs and a new offshore services platform.

The company also said that administrative costs decreased due to cost optimization initiatives, but this was not enough to offset the revenue decline.

Comparison with previous quarter

The company attributed the second-quarter loss compared to the first quarter of 2026 to a 6.92% decrease in revenues, mainly due to the temporary suspension of some offshore drilling operations worth 122 million riyals. This impact was partially offset by improved operational performance in the onshore rigs segment, contributing 47 million riyals, and a full-quarter contribution from operations in Gulf Cooperation Council countries, adding 18 million riyals.

Operating profit reached 19 million riyals in the second quarter of 2026, down from 67 million riyals in the same period last year, a decrease of 72%. Net loss for the current period stood at 24.5 million riyals, compared to a profit of 83 million riyals in the corresponding period of 2025.