RIYADH: Arabian Drilling Co. reported a 171 percent growth in profits for the first nine months of 2022 in its first post-listing earnings results.
After a $580 million initial public offering and a stellar debut, profits jumped from SR155 million ($41 million) to SR421 million for the period ending Sep. 30, according to a bourse filing.
This came as revenues soared almost 22 percent year-on-year to as high as SR1.95 billion, the filing showed.
The improved figures were achieved due to improved rig utilization following the restart of temporarily suspended rigs as well as increased offshore day rates.
For the third quarter of the year, the Saudi-based onshore and offshore gas and oil rig drilling firm saw its profits jump 503 percent year-on-year to reach SR213 million.
Founded in 1964, Arabian Drilling Co. is a limited liability company co-owned by Industrialization and Energy Services Co. and Schlumberger who own 51 percent and 49 percent respectively.
The company operates a fleet of 45 drilling rigs, both onshore and offshore, which include equipment capable of drilling wells from 375 feet below sea level, as well as multi-purpose self-propelled service vessels that can intervene and test wells in the field.