Riyad Capital Affirms Arabian Drilling Co's Neutral Rating After Q2 Results

05:13 AM EDT, 08/13/2026 (MT Newswires) -- Riyad Capital maintained its neutral rating on Arabian Drilling Co. (SASE:2381), with a price target of 80 Saudi riyals, as it took note of the company's second-quarter earnings. For the second quarter, the oilfield services company reported a loss of 32 million riyals, "narrower" than Riyad Capital's estimate of a 42 million-riyal loss, according to a Wednesday first look note. Revenue declined 11% to 765 million riyals, which the research firm said was above its forecast of 726 million riyals and "materially better" than the company guidance of an up to 12% sequential decrease. "Management expects recovery, but back-end weighted. Following the resumption notice announced 12 July, three previously suspended offshore rigs have since returned to service, with the remaining suspended rigs expected to return by year-end; management guides 3Q26 revenue up +4-6% Q/Q, with full financial benefit only in 4Q26," analysts wrote.