ZAWYA: ADES says ‘handful' of offshore rigs in the GCC are 'temporarily suspended’

About this update from Ades Holding Company

Staff WriterADES Holding Company said a “handful” of offshore rigs in the GCC region have been subject to temporary suspensions due to the ongoing regional tensions.These suspensions are short-term in nature, based on the information currently available, the company said in a statement to the Saudi stock exchange.The scale and geographic diversification allow ADES to withstand such short-term disruptions. The company has deployed 123 rigs across 20 countries.Despite the ongoing situation, the company said its 2026 EBITDA guidance range is forecast at SAR 4.50-4.87 billion, representing an increase of 33-44 percent from the 2025 upper-end guidance of SAR 3.39 billion.The company’s 2026 guidance is supported by several factors that have strengthened its forward outlook. These include improved visibility into Norwegian acquisition Shelf Drilling’s performance, increased confidence in the realisation of expected synergies and continued momentum across its international platform.In August 2025, ADES agreed to buy Oslo-listed rival Shelf Drilling for 3.9 billion Norwegian crowns ($379.33 million) in cash.(Editing by Anoop Menon) ([email protected])Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

View stock analysis, news, and events for Ades Holding Company