Saudi-based oil drilling firm ADES Holding has reported a 2 percent rise in annual net profit, beating analyst expectations despite disruptions linked to the ongoing Iran conflict. The company says a handful of offshore rigs in the Gulf were temporarily suspended, but expects the impact to be short-term.
ADES posted a net profit of about 833 million riyals on revenues of 6.69 billion riyals in 2025. It remains confident of strong growth in 2026, driven by improved fleet utilisation and its acquisition of Norway’s Shelf Drilling, which it says strengthens its global operations.