ADES Holding Company (ADES) said on Tuesday it has received resumption notices covering all of its temporarily suspended offshore drilling rigs in Saudi Arabia, marking the sustained strength of the company's offshore market fundamentals across the GCC. ADES said in a statement to the Saudi stock exchange that the contracted jackup utilization already holding around 90% and day rates remaining firm, underscoring the continued strength of the offshore drilling market fundamentals. The company said the temporary suspensions were event-driven rather than demand-driven and were expected to be short-term in nature. The latest development is consistent with the outlook communicated by ADES in its Fiscal Year 2026 guidance issued in March 2026. The US-Israel and Iran conflict started on February 28 and continues despite a temporary peace plan reached in June. Commenting on the announcement, Dr. Mohamed Farouk, CEO of ADES Holding, said the swift resumption of all temporarily suspended offshore rigs demonstrates the Group’s operational readiness and commitment to maintaining the highest standards of safety. He emphasized that the safety of ADES personnel and assets remains the company’s highest priority and that the disciplined approach adopted during the suspension period enabled the company to preserve operational integrity and resume activities quickly once conditions permitted. The company reiterated its 2026 EBITDA guidance range of 4.50-4.87 billion Saudi riyals, underpinned by the scale and diversification of its 123 rigs, continued conversion of Shelf Drilling synergies and supportive momentum across its international markets. ADES Holding Company shares climbed roughly 4% to 18.26 riyals on Tuesday after the Saudi Tadawul Group listed driller announced it received the resumption notices.
