The company is one of the largest drilling companies in the Middle East and was the largest drilling rig contractor in the Kingdom in terms of its available rig fleet size, with 45 rigs. The Onshore segment provides medium to ultra-heavy rigs capable of handling complicated horizontal drilling operations, while the Offshore segment includes ultra-heavy-duty jack-up rigs.
Cyborg Score Rationale
Recent performance shows earnings declined 67% in the last year with bottom line declining 76% over three years. However, analysts estimate earnings should grow 47% annually over the next three years, significantly higher than the 12% broader market growth forecast. The company trades at a premium valuation reflecting recovery expectations.
Top Insights
Largest drilling fleet in Saudi Arabia with 45 rigs (38 onshore, 7 offshore), providing competitive scale advantages
Significant earnings pressure with 67% decline in last year reflecting operational and market headwinds
Analyst consensus projects strong 47% earnings growth over next 3 years, suggesting anticipated recovery
Trading at elevated P/E ratio (57.8x) priced for turnaround; stock down 18% over trailing year despite recent 25% bounce
Named Competitors
Offshore & Onshore Drilling Services — Global drilling contractors competing in Saudi and regional markets
Onshore Drilling Services — Local and regional drilling service providers in the Kingdom
Recent Developments
(November 2025) Share price increased 25% in one month, though remains down 18% year-over-year
(February 2026) Trading at SAR 97.10 with 52-week range of SAR 72.00 to 107.00; mixed analyst sentiment (6 Buy vs 1 Sell)
(2023) Revenue grew 28.59% to SAR 3.48 billion with earnings of SAR 604.61 million
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