After a stellar debut at the Saudi Exchange (Tadawul), Arabian Drilling Co. has reported a 171% growth in profits for the first nine months of 2022 in its first post-listing earnings results.
After a $712 million IPO, the Saudi drilling company’s profits jumped from SR155 million ($41 million) to SR421 million for the period ending Sep. 30, according to a bourse filing.
This came as revenues soared almost 22% year-on-year to as high as SR1.95 billion, the filing showed.
Arabian Drilling, which was one of the top service firms on Oil & Gas Middle East’s Top 25 OFS list, has a large fleet of 45 onshore and offshore rigs operated that is built to withstand the harsh weather conditions found in the Middle East region.
Arabian Drilling Co. is a public listed company and major shareholders are Industrialisation and Energy Services Co. (TAQA) and SLB, who own 35.7 percent and 34.3 percent shares respectively.
The company’s improved figures were achieved due to improved rig utilisation following the restart of temporarily suspended rigs as well as increased offshore day rates.
For the third quarter of the year, the Saudi-based onshore and offshore gas and oil rig drilling firm saw its profits jump 503 percent year-on-year to reach SR213 million.
