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Saudi-listed Arabian Drilling Company expects the second quarter of 2025 revenue to reflect a potential 5-10 percent decline from first quarter 2025.
This guidance reflects a cautious approach in response to the anticipated global reduction in demand for oil and gas, which has significantly impacted oil prices year-to-date, the company said in its first quarter 2025 financial statement issued on Tuesday on the Saudi stock exchange.
The company also expects an indirect impact on its operations amid predictions indicating a continued decline in oil prices throughout the year.
“We advise vigilance and caution in forecasting future financial performance given the current volatile global economic conditions,” the statement said.
Revenue rose 7.2 percent year-on-year (YoY) to 911 million Saudi riyals ($242.88 million), supported by the effective operation of all newly deployed unconventional land rigs and high rig move activity.
Net income increased by 7.2 per cent YoY to SAR 75 million in the first quarter.
(Writing by P Deol; Editing by Anoop Menon)
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