Arabian Drilling Returns To $8.4M Q3 Profit As Offshore Rigs Resume
Contract backlog reached $4.8 billion as the Saudi-listed driller resumed offshore operations in the third quarter.
Arabian Drilling returned to profit in the third quarter of 2026, posting net income of $8.4 million as offshore rig operations resumed. The Saudi-listed drilling contractor reported the figure for the three months ended 30 September 2026. The result marks a swing from a loss in the prior period as the company brought offshore assets back into service during the quarter.
Contract Backlog Reaches $4.8 Billion#
The company's contract backlog stood at $4.8 billion at the end of the third quarter. Arabian Drilling operates onshore and offshore drilling rigs under contracts with oil and gas producers in Saudi Arabia. The backlog figure represents the value of work already secured under existing agreements with clients. The company disclosed the backlog total alongside its third-quarter earnings. No breakdown of the backlog by rig type or contract duration was provided in the available disclosure.
Offshore Operations Resume In Third Quarter#
The resumption of offshore rig operations contributed to the return to profitability in the quarter. Arabian Drilling had suspended some offshore drilling activity in earlier periods. The company brought those assets back into service during the three months ended 30 September 2026. The timing and scope of the resumption were disclosed in the third-quarter results announcement. No detail on the number of rigs reactivated or the clients involved was included in the disclosure.
Saudi Drilling Sector Activity#
Arabian Drilling is listed on the Saudi stock exchange and provides drilling services to operators in the kingdom. The company's results cover the period from 1 July to 30 September 2026. Arabian Drilling operates both onshore and offshore drilling rigs under multi-year contracts with oil and gas producers. The company's client base is concentrated in Saudi Arabia, where it provides rig services to upstream operators.
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- forbesmiddleeast.comforbesmiddleeast.comArabian Drilling returned to $8.4 million profit in Q3 2026 as offshore operations resumed and contract backlog reached $4.8 billion
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