Arabian Drilling Co. · TADAWUL:2381
Arabian Drilling — Q1 2024 Earnings Presentation
21 slides from Arabian Drilling's earnings presentation, May 14, 2024
Slide 1: Q1 2024 Earnings Call
Arabian“D Drilling BSS SS Bl Q1 2024 EARNINGS CALE 14 May 2024
Slide 2: Disclaimer
Arabian Drilling | QI 2024 Earnings Call DISCLAIMER This presentation has been prepared by Arabian Drilling (the “Company” or “AD") based on publicly available information and non-public information to assist you in making a preliminary analysis of the content referenced herein solely for informatio
Slide 3: The Presenting Team
Arabian Drilling | Q1'24 Earnings Call THE PRESENTING TEAM ..(am very pleased to announce that we have just started drilling operations with our first Unconventional Rig, ahead of schedule... f= Ghassan Mirdad ine N ~ _ Chief Executive Officer We had a strong start to the year and posted solid reven
Slide 4: Agenda
Arabian Drilling Co QI 2024 Earnings Call AGENDA Q1'24 Highlights Business & Operations Financial Performance Closing Remarks Q&A Session
Slide 5: Q1'24 Highlights
A, Q124 Highlights Arabian Drilling Q1'24 Earnings Call
Slide 6: Strong Start
Arabian Drilling | Q1'24 Earnings Call STRONG START Operational Highlights Financial Highlights (sar) - (%) vs. g’23 Utilization Rate 96% Quarterly Non-Productive Time (‘NPT’) 0.81% 36-month rolling REI 94% Total 43 Rig Moves, with 1.3 days saved per rig move (average) Revenue 967M, +24% EBITDA 405M
Slide 7: Business & Operations
A, Business & Operations Arabian Drilling Q1'24 Earnings Call
Slide 8: Unconventional Rigs Ahead of Schedule; Recent Developments
Arabian Drilling | QV'24 Earnings Call Market Share Land ~ EoP Q’’24 Others UNCONVENTIONAL RIGS al SANAD Ahead of Schedule Start rn “ Arabian RECENT DEVELOPMENTS fn Paling Land Activity Status = First Unconventional Rigs started last week, startup activities progressing well LR@NBeurac = One idle La
Slide 9: Stable Backlog with New Unconventional Contracts
Arabian Drilling | QI 2024 Earnings Call STABLE BACKLOG WITH 3 New Unconventional Contracts Backlog (SAR Ms) eed 11,908 1,793 Q2'23 Q3'23 Q4'23 grea Rigs Rolling Off Contracts mLand = Offshore 22 1 2024 2025 2026 2027 2028 2029 2030+ Backlog by Customer — EoP Q1'24 (SAR M and %) Baker Ss Hughes Gaga
Slide 10: Lowest NPT in the Last Four Quarters
Arabian Drilling | QV24 Earnings Call Number of Rig Moves & Days Saved 60 LOWEST NPT 50 = 40 In the Last Four Quarters 30 20 10 Aramco Rig Efficiency Index (REN) 0 38 49 47 43 92.4% 94.2% Q2'23 Q3'23 Q4'23 Qi24 % of Rigs scoring ™™—™ Rig Moves Completed ——Average Net Days Saved / Rig Move in High &
Slide 11: Financial Performance
A, Financial Performance Arabian Drilling Q1'24 Earnings Call
Slide 12: Financial Highlights (SAR)
\S Arabian Drilling | Q1'24 Earnings Call FINANCIAL HIGHLIGHTS (sar) Qe sy i 967M 405M 306M REVENUE EBITDA (+24% Yoy) (42% Margin) © a. = iS 1 (50) 10.0% 1,850M FREE CASH FLOW (*) ROE (**) (atteveray .) *): Fee Cash Flow calculated a Cash Flow from Operations less CAPEX “*) ROE calculated as LTM Net
Slide 13: 1000 1000 1000 1000 ▪ 0 700 700 600 500 600 500 600 500
1000 1000 1000 1000 900 900 900 900 800 700 800 800 800 ▪ 700 700 700 600 500 600 500 600 500 600 ▪ 500 400 400 400 400 300 300 300 300 200 200 200 200 ▪ 100 100 100 100 0 0 0 0 ▪ 1000 1000 1000 ▪ 900 900 900 800 800 800 700 700 700 ▪ 600 600 600 500 500 500 400 400 400 300 200 300 200 300 200 ▪ 100
Slide 14: ▪ 0.9 0.9 0.8 0.8 0.7 0.7 300 0.6 300 0.6 250 200 0.5
500 1 ▪ 500 1 450 0.9 450 0.9 400 0.8 400 0.8 350 0.7 350 0.7 300 0.6 300 0.6 250 200 0.5 0.4 250 200 0.5 0.4 ▪ 150 0.3 150 0.3 100 0.2 100 0.2 50 0.1 50 0.1 0 0 0 0 600 0.16 ▪ 600 0.16 500 0.14 0.12 500 0.14 • 0.12 400 0.1 400 0.1 300 0.08 300 0.08 0.06 • 200 0.06 200 0.04 0.04 100 0.02 100 ▪ 0.02
Slide 15: Preserving Cash
Arabian Drilling | Q1'24 Earnings Call PRESERVING CASH Near Capex Peak Cash Flow Bridge (SAR M) 405 1,435 L] (306) =a) a (86) He uzss Commentary Key Drivers = Capex c. 2/3 relates to ongoing Unconventional Capex program = Loan & Lease: includes repayment of SAR 25M against a SAR (149) 500M Bank Faci
Slide 16: Prudent Capital Management
Arabian Drilling | Q1'24 Earnings Call PRUDENT CAPITAL Management Net Debt (SAR M) and Leverage Ratio Am EEN) ms eet) (1235) | 435) 25s) | ) Q4'23 Q24 mmmCash mmm™Borrowing mmmlease mmmNetDebt — Commentary Leverage Ratio of 1.2x = Remains moderately leveraged = Expected to further increase with late
Slide 17: FY'24 Guidance: Revenue and Capex Unchanged
Arabian Drilling Q1'24 Earnings Call FY’24 Revenue remains unchanged, in the range of a FY’24 Capex remains unchanged, in the SNF =) range of SAR 2.1 to SAR 2.4 billion 7
Slide 18: Closing Remarks
A, Closing Remarks Arabian Drilling Q1'24 Earnings Call
Slide 19: Continuous Growth Trajectory
CONTINUOUS Growth Trajectory ]. Strong Start of the Year 2. Offshore Suspension Finalization 3. Unconventional Rigs Early Start Up 4. Reiterates 2024 Revenue Growth Arabian Drilling Q1'24 Earnings Call
Slide 20: Arabdrill.com
This document and the information contained in it are given in confidence and are only to be used by the disclosing party and the receiving party to explore business opportunities relating to Arabian Drilling; they may not be disclosed to third parties or used for any other purpose without the expre
Slide 21: Glossary
Arabian Drilling Co. | Q¥24 Earnings Call GLOSSARY Glossary Description Active Rig Month Annual number of months where rigs generate revenue Backlog Future contracted revenue yet to be recognized. Book-to-Bill Ratio Calculated as Backlog divided by LTM Revenue c. Circa / approximately CFF Net cash g