RIYADH: Oil drilling firm ADES Holding Co. has halted 10 rigs within the Gulf region due to the Iran war, which has led some regional producers to reduce oil supplies, CEO Mohamed Farouk said in an interview with Asharq TV.
The company had announced last week that it had suspended operations on some of its offshore rigs without disclosing the number at the time.
The development comes against a backdrop of heightened geopolitical uncertainty in the Gulf, where escalating conflict involving the US, Israel and Iran has disrupted energy operations and intensified concerns over the security of key supply routes such as the Strait of Hormuz.
ADES operates in 20 countries and owns 81 offshore rigs and 40 onshore rigs. Earlier today, it announced that its profits grew by about 2 percent in 2025 compared to the previous year, recording a net profit of SR818 million ($218 million).
Demand for drilling rigs expected to rise
