ADES Holding
Saudi-listed drilling services group with 88 offshore units and 40 land rigs after acquiring Shelf Drilling in 2025 and Saudi Arabian Saipem in 2026.
Industry: Oil and gas drilling services | Location: Al-Khobar, Saudi Arabia | Founded: 2002
About ADES Holding
ADES Holding is a Saudi Arabian provider of offshore and onshore drilling services to the oil and gas industry. Its website gives its headquarters as Al-Khobar and says it employs more than 11,000 people. Its shares trade on the Saudi Exchange under the code 2382. After its latest acquisition the group reported 128 drilling units, 88 offshore and 40 onshore, working in 21 countries.
Ayman Abbas has chaired the board since 2003. Dr. Mohamed Farouk has been chief executive since 2012 and is also vice chairman. Hussein Badawy has been group chief financial officer since December 2021, and Montasser Samy, the chief operating officer, heads the business in Saudi Arabia. The investor website names ADES Investments Holding Limited, the Public Investment Fund and Zamil Investment Limited as major shareholders.
ADES operates jack-up rigs offshore and land rigs onshore. Its onshore fleet page shows rigs in Algeria, Egypt, Kuwait, Saudi Arabia and Tunisia. In October 2024 it reported 10-year Aramco renewals for two Saudi onshore rigs, worth about SAR 946 million according to its Tadawul disclosure.
In August 2025 ADES agreed to acquire the offshore driller Shelf Drilling through a cash merger. Revised terms in September 2025 set the price at NOK 18.50 per share, and the merger was completed on 25 November 2025. On 24 June 2026 its indirect subsidiary ADES Saudi Limited Company agreed to buy Saudi Arabian Saipem Limited from Saipem International for USD 285 million. MEED reported on 18 September 2026 that the deal had closed, adding five jack-up rigs and ADES's first operations in Mexico.
For 2025 ADES reported revenue of SAR 6.69 billion, up 7.9 percent. Baird Maritime, citing the earnings release, gave net profit as SAR 832.9 million, while Arab News, citing the Tadawul statement, reported SAR 818.01 million. Backlog reached a record SAR 34.71 billion at 31 December 2025.
The investor website shows backlog of SAR 34.67 billion and effective utilisation of 97.6 percent as of 30 June 2026, with first-half revenue of SAR 4.54 billion and an EBITDA margin of 47.6 percent.
Leadership
- Ayman Abbas, Chairman
- Mohamed Farouk, Vice Chairman and Chief Executive Officer
- Hussein Badawy, Group Chief Financial Officer
- Montasser Samy, Chief Operating Officer
- Ahmed Abdelhady, Chief Commercial and Strategy Officer
- Morcos William, Group General Counsel and Company Secretary
- Mohamed Walid Cherif, Independent Board Member and Audit Committee Chairman