ADES Holding Company has reported a 44% year-on-year (YoY) surge in revenue to SAR 6.77 Bn ($1.8 Bn) in the first nine months (9M) of 2026, supported by stronger offshore activity, growth in West and Central Africa, and higher contributions from its Egyptian operations, according to a statement on November 9.
The Saudi oil and gas drilling services provider’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 25.1% YoY to SAR 3.17 Bn in 9M 2026, while net profit declined 22.1% YoY to SAR 473.3 Mn during the same period.
West and Central Africa was among the company’s fastest-growing markets, generating revenue of SAR 918.1 Mn in the nine-month period, compared with SAR 40.4 Mn a year earlier. The increase was supported by an expanded regional fleet of 10 operating rigs, including one that began operations in Cameroon during the third quarter.
Revenue from Egypt increased 51.9% YoY to SAR 696 Mn, mainly driven by higher contributions from the company’s production model in mature oil fields, alongside an improved effective day rate and contributions from the Shelf acquisition.
ADES also recorded a 73.1% YoY increase in revenue from Southeast Asia to SAR 701.5 Mn, while revenue from India rose 139.6% YoY to SAR 426 Mn. These gains helped offset a 13.1% decline in revenue from Saudi Arabia to SAR 2.4 Bn.
The company’s total backlog reached SAR 37.69 Bn as of September 30, up from SAR 34.71 Bn at the end of 2025. Its fleet utilization rate stood at 98% during the period.
ADES International Holding Company is an oil and gas drilling services provider headquartered in Al-Khobar, Saudi Arabia, after relocating from Egypt, where it was founded in 2002. The company operates a fleet of approximately 90 rigs across onshore and offshore shallow-water environments.
It maintains operations in 13 countries, including Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, Tunisia, India, Indonesia, and Thailand. ADES is a contract drilling partner for Saudi Aramco and is listed on the Saudi Exchange (Tadawul) following an initial public offering (IPO) backed by Saudi Arabia’s Public Investment Fund (PIF).
