Arabian Drilling announces a +5% increase on its adjusted net income for the first quarter of 2023

Arabian Drilling announces a +5% increase on its adjusted net income for the first quarter of 2023

Q1’23 Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”) percentage increases by +40 basis points

Q1’23 Cash from Operating Activities is +22% higher than Q4’22

Q1’23 Capital Expenditure (“Capex”) of Saudi Riyals (“SAR”) 265 million was mainly due to the ongoing shipyard activities of the three latest acquired Jackups (named AD130, AD140 and AD150)

Q1’23 Backlog was in excess of SAR 8 billion, with a Book-to-Bill ratio of 2.8x

Al-Khobar, KSA: Arabian Drilling, or the “Company”, (Tadawul symbol: 2381), the onshore and offshore drilling National Champion in Saudi Arabia, announced its Q1’23 financial results with a +5% increase on its Adjusted Net Income compared to Q4’22, on a similar rig activity level.

FINANCIAL HIGHLIGHTS

Arabian Drilling closed Q1’23 period with a consolidated revenue of SAR 779 million, reflecting a quarter-on-quarter (“QoQ”) increase of +4%, on a similar rig activity level. The revenue increase was mainly driven by the full quarter impact of our two recently acquired Jackups (named AD110 and AD120) that started their three-year contract in Q4’22.

Q1’23 EBITDA was SAR 323 million, with a margin of 41.5%, representing a 40 basis points (“bps”) increase over that of Q4’22, mainly due to the full quarter impact of AD110 and AD120, as mentioned above.

Q1’23 Operating Cash Flows