Arabian Drilling posts SAR 31.5 million loss in Q2 2026
Arabian Drilling reported a SAR 31.5 million loss in Q2 2026, reversing last year’s profit, due to lower revenues and reduced rig utilization rates.
In the second quarter of 2026, Arabian Drilling experienced a significant financial setback, reporting a SAR 31.5 million net loss, a stark contrast to the profit it recorded in the same period last year. The company's revenues declined by 11.34% compared to the previous quarter, with rig utilization rates decreasing from 79% to 72%.
Despite the impact of this revenue drop and an 11.34% decline in earnings, Arabian Drilling managed to offset the loss to some extent due to the full impact of revenues from unconventional rigs and a new offshore services platform.
Conversely, the company's operating profit for Q2 2026 saw a drastic 72% decrease, plummeting from 67 million riyals in the first quarter of 2026 to just 19 million riyals. This decline was primarily attributed to the temporary suspension of offshore drilling operations, which accounted for a loss of 122 million riyals. However, the company's onshore rigs segment showed positive momentum, contributing 47 million riyals, and operations in Gulf Cooperation Council countries added 18 million riyals to the overall profit.
Consequently, the net loss for the quarter stood at 24.5 million riyals, a significant contrast to the profit of 83 million riyals recorded in the same period of 2025.
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