Four of the region’s largest drilling contractors reported sharply different second-quarter results for 2026, and the dividing line runs through the water. Saudi Arabia’s Arabian Drilling swung to a loss after some of its offshore rigs in Gulf states were suspended following the outbreak of the Iran war on 28 February 2026. Abu Dhabi’s ADNOC Drilling kept working without interruption and posted record numbers, while contractors weighted toward onshore work or markets outside the region largely escaped the disruption.
Arabian Drilling swings to a loss
Arabian Drilling booked a second-quarter loss of 31.5 million riyals ($8.41 million), against a profit of 7.5 million riyals ($2 million) a year earlier. Revenue came in at 767 million riyals ($204 million), down 7 percent from the first quarter, with the suspension of offshore rigs in Gulf states behind the decline.
First-half revenue fell 10.6 percent year on year to 1.59 billion riyals ($423 million), and earnings before interest and tax dropped 21 percent to 540 million riyals ($144 million). The company closed June with a backlog of 11.83 billion riyals ($3.15 billion).
ADES leans on markets outside the Gulf
ADES Holding lifted second-quarter revenue 36 percent to 2.15 billion riyals ($573 million), though net profit fell 30.5 percent to 133.3 million riyals ($35.5 million). Its footprint in India, Africa and Asia cushioned the effect of the disruption to Gulf operations.
First-half revenue rose 49 percent to 4.54 billion riyals ($1.21 billion), and the backlog stood at 34.67 billion riyals ($9.24 billion), including a $285 million contract with Saipem.
ADNOC Drilling keeps rigs turning
ADNOC Drilling reported second-quarter revenue of $1.23 billion, up 3 percent year on year, with net profit 2 percent higher at $359 million. Operations continued uninterrupted through the quarter.
For the first half, revenue reached $2.46 billion, a 4 percent annual increase, and net profit came to $706 million. Return on equity was 34 percent and the company paid dividends of $525 million. It is targeting $5 billion in revenue for 2026.
Abraj benefits from onshore work
Oman’s Abraj Energy Services posted second-quarter revenue of 39.3 million Omani rials ($102 million), 9 percent above the first quarter, at a utilisation rate of 91 percent. Net profit rose 10 percent to 4.9 million rials ($12.7 million).
First-half revenue was 75.3 million rials ($196 million), up 3 percent year on year, with a backlog of 953 million rials ($2.48 billion). The company’s work is concentrated in onshore drilling in Oman and Kuwait, away from the offshore disruption.
This story was produced in the newsroom from the disclosed sources named above.
