26 stories mentioning SASE:2382Updated 3d ago
Every FINWIRES story that references SASE:2382, newest first.
Morgan Stanley on Sunday increased the price target for drilling services company Ades Holding (SASE:2382) to 25 Saudi riyals from 24.50 riyals, while maintaining its overweight rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
The Tadawul All Share Index ended the week higher at 0.15% in the green as the latest geopolitical updates between the US and Iran again took center stage on Thursday.The US launched a wave of attacks on Iran, while also reimposing its naval blockade on the Middle Eastern country's ports. The attacks focused on Iranian bases in the south.Further to this, Iran also sent out attacks on US bases in Kuwait and Jordan. The country warned that if the US continued its attacks, it would launch attacks that would encompass the Gulf region's infrastructure. The escalation raised concerns about another potential oil supply disruption."The US carried out additional strikes against Iran. There are also media reports that the US is considering increasing military operations. Iran, meanwhile, said it has no plans to talk. The rapid deterioration is having a meaningful impact on vessel flows from the Persian Gulf," ING said in a note. "The concern is that renewed oil supply disruptions come amid the large inventory drawdowns through the second quarter, leaving the market more vulnerable. In addition, global SPR releases, which have helped the market out over recent months, are set to end in the next few weeks."Back at home and on the corporate front, Ades Holding (SASE:2382) secured two offshore drilling contracts that will deploy its Shelf Drilling Odyssey and Fortress jackup rigs. Shares of the drilling services company closed 1.33% lower.Meanwhile, Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, shares ticked up 0.15% at closing as it awarded an integrated stimulation and completion services contract to energy products and services company Halliburton.
Ades Holding (SASE:2382) secured an offshore drilling services contract from Seplat Energy (SEPL.L) unit Seplat Energy Producing Nigeria.The drilling services company will carry out work through its Shelf Drilling Odyssey jackup rig, starting from the first quarter of 2027, according to a Thursday release.The contract entails mobilization and demobilization fees of 375.3 million Saudi riyals for the two-year firm period. It also offers two extension options for one year each.
Ades Holding (SASE:2382) said Thursday it secured a 483 million-Saudi-riyal contract to provide offshore drilling services to Neo Next+ Energy E&P UK.The drilling services company will deploy its Fortress jack-up rig in the UK North Sea, with operations scheduled to start in the fourth quarter.The contract covers two firm wells with a minimum duration of 550 days, alongside two optional one-well extensions with a minimum duration of 275 days each.
HSBC on Thursday raised the price target for drilling services company Ades Holding (SASE:2382) to 13.80 Saudi riyals from 13.60 riyals and affirmed its rating at reduce.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
The Tadawul All Share Index closed on Wednesday at 0.25% in the red ahead of the kingdom's latest export and import numbers on Thursday.Aside from the local economic releases, market watchers will also tune in to the US' final GDP growth rate data for the first quarter, as well as the progress of the final US-Iran peace deal.US President Donald Trump said in a Truth Social post that Iran agreed to "infinity" nuclear inspections. However, the Middle Eastern nation denied that it raised its nuclear program during its discussions on Monday. The statements raised concerns regarding the peace deal and its effect on energy prices."A potential peace deal between the United States and Iran paves the way for lower energy prices over the next 12-18 months, once constraints on global trade and supply ease. However, near-term risks remain. While the overall trajectory for oil prices is lower, ongoing risks and delays in restoring supply conditions will likely keep prices above pre-war levels in the coming months," Wells Fargo Investment Institute said in a note.Back at home, Ades Holding (SASE:2382) shares ticked up 2.53% as its Ades Saudi Ltd. subsidiary agreed to buy Saudi Arabian Saipem Ltd. from Saipem International for $285 million.Meanwhile, the board of Takween Advanced Industries (SASE:1201) proposed to reduce its capital to 245.3 million Saudi riyals to optimize its capital structure via offsetting accumulated losses. Shares of the plastics packaging and non-woven fabric company closed 0.40% in the green.
Saipem (SPM.MI) said Wednesday it agreed to sell its stake in offshore drilling operator Saudi Arabian Saipem to drilling services provider Ades Holding (SASE:2382) unit Ades Saudi for $285 million.The deal includes five operational premium jack-up rigs, with four currently operating in Saudi Arabia and one in Mexico. Closing is expected by the third quarter, subject to customary requirements and regulatory approvals.Italian engineering and construction group Saipem plans to enter a bareboat charter deal with Ades to continue the operations of the Perro Negro 10 rig in Mexico following deal completion.
The board of Ades Holding (SASE:2382) recommended raising the company's capital to 2.26 billion Saudi riyals from 1.13 billion riyals through the issue of bonus shares.The drilling services company said Tuesday that the increase will be done through the issue of one bonus share for every share held. The company will fund the capital boost by capitalizing 1.13 billion riyals from its share premium account.Ades Holding added that the move is subject to regulatory and shareholder approvals.
Riyad Capital kept its neutral rating on Ades Holding (SASE:2382) as it took note of the drilling services company's first-quarter earnings report.Ades Holding reported a 22% annual rise in its net profit to 236 million riyals during the quarter, with revenue increasing 63% year over year to 2.39 billion riyals. Both were in line with Riyad Capital's estimates of 242 million riyals and 2.20 billion riyals, respectively."Although we recognize strong results, with Y/Y double-digit growth across the income statement for ADES, the most informative data point is KSA revenue, which declined -5% Y/Y to SAR 854 mln, despite Shelf-related additions (+4 in KSA) and three rig resumptions in-quarter. This validates our view that the regional disruption is structurally weighing on KSA activity. The second most important data point we highlight is management's reiteration of FY2026 EBITDA guidance of SAR 4.50-4.87 bln, while they also flagged additional 2Q pressure should regional conditions persist," analysts said in a first look note. Riyad Capital expects the company to reach the lower end of its guidance range, citing the management's confidence and geographical diversification.The Saudi Arabian stock's price target of 21 riyals was also maintained.
Aljazira Capital on Wednesday raised the price target for drilling services company Ades Holding Co. (SASE:2382) to 22.70 Saudi riyals from 18.90 riyals and affirmed its overweight rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
United Securities LLC raised its price target for Ades Holding (SASE:2382) as it took note of the offshore and onshore drilling company's first-quarter results."ADES delivered strong financial performance in 1Q26, although net income growth was partially constrained by lower margins. However, this was in line with management guidance, and we expect margin levels to improve gradually over the coming years as integration progresses and synergies are realized," analysts said Tuesday.For the three months ended March 31, Ades reported a net profit of 236.4 million Saudi riyals, with 2.39 billion riyals in revenue. The research firm attributed the group's robust revenue performance to the acquisition of Shelf Drilling, while noting that margin pressure following the deal limited its net overall profitability growth."The ongoing regional conflict has thus far had a limited impact on ADES's operations, and we take comfort from the company maintaining its EBITDA guidance of SAR 4.5-4.87bn for 2026. Nevertheless, a prolonged escalation in regional tensions could adversely affect performance, which continues to underpin our cautious outlook on the company. Overall, we raise our target price for ADES to SAR 21 per share, which implies a Hold rating," United Securities said.
Bernstein on Tuesday increased the price target for drilling services company Ades Holding (SASE:2382) to 26.17 Saudi riyals from 22.24 riyals and kept its rating at outperform.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
The Tadawul All Share Index ended Sunday at 0.25% in the red as investors turned their attention to the aftermath of the US-China meeting last week."A Chinese foreign ministry readout noted that Presidents Xi and Trump agreed to establish 'China-US constructive strategic stability' to guide the next three years of relations. It holds the potential to expand cooperation on the economy and trade, health, agriculture, tourism, culture, and law enforcement," ING said. "The media and market focus was on the geopolitics side leading up to the summit, especially watching for any potential developments on Iran and Taiwan. No major breakthroughs were expected given the positions of both sides were well known heading into the meetings."In other news and dampening sentiment is the continued geopolitical tensions between Ukraine and Russia. Ukraine launched its biggest drone attacks in Moscow on Sunday. The retaliatory attacks resulted in at least four casualties and property damage.Looking ahead to the week, the local calendar will be quiet. Investors will turn their focus to the US Federal Reserve's latest meeting minutes on Wednesday after Jerome Powell's tenure as Fed chair ended. Powell will, however, continue to serve as the group's chair pro tempore until Kevin Warsh is sworn in as its new US Central Bank head.Back at home, Ades Holding (SASE:2382) extended its offshore shelf drilling contract with Tenaz Energy Netherlands. The deal involves drilling operations in the North Sea's Dutch sector. Shares of the drilling services company edged up 0.83% at closing.Meanwhile, Mohammed Hasan AlNaqool Sons (SASE:9514) is expanding its production and sales capacity with the purchase of 10 ready-mix concrete mixers and two ready-mix concrete pump trucks from Sani International Trading Development Co. The concrete manufacturer closed flat.
Ades Holding (SASE:2382) secured an extension to its contract for shelf drilling with Tenaz Energy Netherlands, bringing the total potential contract value to 832.2 million Saudi riyals, according to a Sunday release.The Saudi Arabia-listed drilling services company will now conduct operations in the Dutch sector of the North Sea for a three-year firm term instead of the initial one-year firm term. The two additional one-year options remain in place.
Goldman Sachs on Thursday increased the price target for Saudi drilling services company Ades Holding (SASE:2382) to 22.90 Saudi riyals from 22.20 riyals and kept its buy rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Ades Holding (SASE:2382) secured a contract worth 180.7 million Saudi riyals from Belbop Nigeria to deliver its Main Pass IV standard jack-up rig.The one-year firm contract has an additional one-year unpriced option, according to a Wednesday release by the drilling services company. Rig operations will start in the third quarter.
Saudi Exchange-traded shares extended a winning streak on Monday as a busy earnings day pushed the Tadawul All Share Index 0.39% in the green.Amid a myriad of new earnings reports in Saudi Arabia, Ades Holding (SASE:2382), United Electronics Co. (SASE:4003), d/b/a eXtra, and Al Mawarid Manpower (SASE:1833) posted higher net profit and revenue for the first quarter of 2026.Polyethylene pipes and fittings manufacturer Alwasail Industrial (SASE:4148), however, logged a 62.439% decline in net profit and a 12.868% decrease in revenue for the three months ended March 31.Ades Holding, eXtra, and Al Mawarid Manpower all closed in the green at 0.88%, 0.75%, and 2.65%, while Alwasail Industrial ticked down 2.08%.In international news, US President Donald Trump rejected Iran's response to its peace proposal, in which it demands the lifting of the US blockade at the Strait of Hormuz, the release of frozen Iranian assets, among others."The oil market remains heavily headline-driven, with prices surging after President Trump rejected Iran's latest peace plan proposal. One would expect the market to become increasingly fatigued by the deluge of headlines and the back-and-forth. However, oil prices remain highly sensitive to noise around Iran, highlighting the significance of the ongoing supply disruptions in the Persian Gulf," ING said in a note.Back at home and on the corporate front, Perfect Presentation for Commercial Services Co. (SASE:7204), d/b/a 2P, closed 2.04% lower as it secured a contract to deliver managed services for Prince Sattam bin Abdulaziz University's IT infrastructure, among others.
Citi on Friday increased the price target for Saudi drilling services company Ades Holding (SASE:2382) to 20 Saudi riyals from 15.20 riyals, while keeping its neutral rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Ades Holding (SASE:2382) signed a two-year agreement for the shelf drilling victory in Nigeria for 347.6 million Saudi riyals, which includes the share of its in-country partner.The deal with oil and gas company Seplat Energy Producing Nigeria includes two unpriced optional extension periods of one year each, according to a Sunday release. The Saudi drilling services company expects rig operations to start in the second half of 2026.
BSF Capital on Wednesday raised oil and gas drilling company Ades Holding (SASE:2382) to buy from hold and increased its price target to 23.40 Saudi riyals from 18.30 riyals.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Showing 1-20 of 26
