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Saudi-based oil company ADES Holding confirmed on Tuesday that it remains resilient to the ongoing Middle East conflict, although a small number of its offshore rigs in the GCC have been suspended.
The jack-up drilling rig operator, with a presence in 20 countries and a fleet of 123 rigs said a “handful” of its offshore facilities was recently suspended due to regional tensions, but the disruptions are short-term in nature.
“The Group’s scale and geographic diversification – with 123 rigs deployed across 20 countries – allow it to withstand such short-term disruptions,” ADES said in a disclosure.
Now in its fourth week, the US-Israeli war on Iran has led to retaliatory attacks on energy infrastructure across the Gulf Cooperation Council (GCC) region and the closure of the Strait of Hormuz — a vital sea passage for Middle East businesses to reach the open ocean.
ADES stressed that the safety of its personnel and assets is the highest priority, and that it is working with clients to ensure “operational readiness” for when the rigs resume operations.
Despite disruptions, ADES has increased its financial targets for 2026, with EBITDA guidance pegged at SAR 4.5 to SAR 4.87 billion ($1.2 billion to $1.3 billion), up 33% to 44% from the previous year.
(Writing by Cleofe Maceda; editing by Seban Scaria)
