26 stories mentioning SASE:2382Updated 3d ago
Every FINWIRES story that references SASE:2382, newest first.
Saudi drilling services company Ades Holding (SASE:2382) said Wednesday it signed a deal with Valeura Energy for offshore shelf drilling in Thailand.The three-year contract is valued at 345 million Saudi riyals, with operations expected to start in the fourth quarter.
Riyad Capital on Sunday downgraded Saudi oil and gas drilling company Ades Holding (SASE:2382) to neutral from buy, while keeping its price target at 21 Saudi 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)
Riyad Capital on Sunday updated its rating for Ades Holding (SASE:2382), noting the oil and gas drilling company's "strong" 2025 report and ongoing geographical diversification.Ades Holding logged a 27% year-on-year increase in its fourth-quarter 2025 sales to 1.99 billion Saudi riyals, in line with the research firm's forecast of 1.93 billion Saudi riyals. The company also recorded net profit of 221 million riyals, up 7% year over year and aligned with Riyad Capital's 210 million-riyal estimate.Analysts noted management comments on steady utilization rates, which remained at 98%, as the company continues to expand its geographical footprint. This diversification strategy is seen by the research firm as "significantly important" amid the current landscape."We remind investors that the acquisition of Shelf expanded ADES' rig count by 33, as well as the geographic exposure to West Africa, Norway, Denmark, the UK, and India (among others). These factors will produce noise in the financials for 1Q26. With growth in geographical exposure, which we note has deepened in Southeast Asia, West Africa, and Brazil, we highlight that in the uncertain energy market this adds to ADES' defensiveness. Despite lower [free cash flow to the firm] multiples (TTM) and a higher dividend, we downgrade the rating as the stock price has appreciated. We may revisit the rating with more visibility," the note said.As such, the stock's rating was changed to neutral, with a price target of 21 riyals. In a Nov. 10, 2025 note, Riyad Capital had a buy rating for the company.
CI Capital Holdings on Wednesday decreased the price target for Saudi drilling services company Ades Holding (SASE:2382) to 24.50 Saudi riyals from 18.00 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 closed Sunday trading 0.25% lower amid market jitters as the US and Iran walked away from their discussions in Pakistan without coming to an agreement.The Iranian delegation cited the US' lack of trust in its "forward-looking initiatives" and "excessive demands" as some of the reasons why the talks failed."We consider every mirror to be another method of authority diplomacy, alongside military struggle, for upholding the rights of the Iranian nation, and we will not for a moment cease our efforts to consolidate the achievements of the forty days of Iran's national defense," Iran's Parliament Speaker Mohammad Baqer Qalibaf said in an X post.Further to this, Pakistan's Foreign Minister Ishaq Dar noted that it is "imperative" that both sides hold up their two-week ceasefire deal, which started on April 8.Back at home, Ades Holding (SASE:2382) shares closed 1.21% in the green as it secured a one-year extension to its premium jackup rig drilling contract with Chevron Nigeria.Meanwhile, Al Kuzama Trading (SASE:9636) is poised to take a 25% stake in Unique Food Catering Co. from its owner, Bandar Khalid Abu Saman. The restaurant chain operator will purchase the stake for 35 million Saudi riyals. Shares surged 8.91% at closing.
Oil and gas drilling company Ades Holding (SASE:2382) said Sunday that Chevron Nigeria extended its offshore drilling services contract by a year, adding 178 million Saudi riyals to the group's backlog.The existing drilling contract for its premium jackup rig shelf drilling scepter in Nigeria is due to expire in July. The extended contract includes an unpriced option for an additional year.
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