Dubai, UAE – Saudi Arabia’s Arabian Drilling company has posted a net profit of SAR 558 million ($148 million) for 2022, which is 104 percent higher than the previous year.
The company also posted a 23 percent year-on-year increase in revenue to SAR 2.7 billion, driven by the combined effects of a higher rig utilization rate and an increase in day rates due to strong demand, particularly in the offshore segment, the company said in a statement.
The capital expenditure rose materially by 606 percent with a total spending of SAR 1.7 billion because of the addition of three newly acquired jackups as well as upgrades and modification shipyard costs for another two leased jackups.
All five jackups are secured with multiyear Saudi Aramco contracts with the 2 leased jackups having commenced their three-year firm contracts in the fourth quarter of 2022.
The company said the “strong cash position” achieved in 2022 was driven by the proceeds generated from the Initial Public Offering of SAR 872 million and Sukuk issue of SAR 2 billion.