ABRAJ deploys first Wave III newbuilt rig, reaches full utilization rate, adds OMR 100 million to its backlog and upgrades its Full-year revenue guidance

• Successfully deployed three rigs In 03, Including first rig of the Wave Ill
• Achieved full utilization, with all rigs active as of 30 2026
• Increased both Revenue and Net Income vs. last Quarter
• Full Year 2026 Revenue Guidance upgraded, second time In a row
• Maior contract award announced, OMR 100 million to be added to nextquarter's backlog

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Financial Highlights

REVENUE

Year-To-Date ("YTD") Revenue of 117.3 million Omani Riyal ("OMR") represented ayear-on-year ("YOY") increase of OMR 8.5 million, or +8%. The increase was mainly due toan increase in Drilling & Workover Of OMR 7.2 million, as well as an increase in Well

Services Of OMR 1.2 million, both supported by higher operational activities. In ourDrilling & Workover segment, we resumed operations for 3 rigs that were idle for mostof 2025. in addition to starting up the third rig with Kuwait Gulf Oil Company ("KGOC"). Inour Well Services segment, higher frac activity supported YOY growth.Q3'26 Revenue of OMR 42.0 million was OMR 2.7 million (or +7%) higher than lastquarter and well within the guidance range of +5 to 10% given in our Q2'26 EarningsRelease The 000 revenue increase was mainly due to increased rig activity of OMR 22million, as well as increased well services operations by OMR 0.5 million. The increasedrig revenue mainly resulted from net rig activity (OMR 1.2 million) plus the full quartercontribution of the third Kuwait rig (OMR 1.5 million), as well as timing differences inplanned maintenance activities (OMR 0.7 million), partially Offset by lower Client rebill(OMR 0.9 million). The incremental well services revenue mainly came from the startupOf the PDO frac contract award previously announced.

EBITDA

YTD'26 EBITDA Of OMR 38.0 million was OMR 08 million higher (or +2%) than last year.The increase was mainly driven by an increase in rig and frac activities of OMR 2.7million and OMR 12 million. respectively. These upsides were partially offset byadditional planned maintenance incurred in 2026 (OMR 1.6 million), higher inventory andasset management costs (OMR 08 million), as well as lower rig move contribution(OMR OS million).

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0226 EBITDA  of OMR 13.6 million was OMR 13 million higher (or +10%) compared to 02.The increase is mainly due to additional rig activity (OMR 1.7 million) as well as plannedmaintenance that occurred in 02 (OMR 1.1 million). and was partially offset by assetmaintenance and Start-up costs (OMR 1.1 million) as well as higher Shared and General& Administrative ("S&GA") costs (OMR 03 million).

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PROFIT AFTER TAX ("PAT")

YTD'26 PAT of OMR 14.6 million was OMR 0.6 million higher (or + 5%) than that of lastyear. The increase is mainly due to the incremental YOY EBITDA of OMR 0.8 million asdiscussed above, partially offset by a 02 million increase in tak The additionaldepreciation from the new Kuwait rig was offset by lower overall depreciation on therest of the fleet. Despite the increasing debt level, finance costs reduced by OMR 0.2million YOY due to the successful repricing of our financing lines. However. this wasOffset by lower finance income Of OMR 02 million.

Q2'26 PAT of OMR 5.3 million was OMR 0.4 million (or +8%) higher than last quarter, witha margin profile Of 12.5%. The PAT increase was due to higher EBITDA Of OMR 1.3 million.as discussed above, partially offset by additional depreciation cost QoQ of OMR 0.5million, mainly coming from the full quarter depreciation cost of the third Kuwait rig, aswell as higher finance cost of OMR 0.3 million related to capitalization of interestexpense higher in 02 compared to 03.

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CAPEX

YTD Capex Of OMR 49.1 million reflects the ongoing fleet expansion with the delivery ofeight rigs, Of which seven were contracted by Petroleum Development Oman ("PDC),including six newbuild rigs for Wave Ill, and one for KGOC. As Of 30 September 2026.two Of the eight rigs were deployed and started operations: one rig started in 0226 withKGOC, and the first of the Wave Ill rigs started with PDO in late September. Deploymentof the remaining rigs will continue mainly over the next two quarters, with the last Of thenewbuild rigs starting in 0128.TO date, the Company spent approx. OMR 52 million out Of a total expansion programestimated in the range Of OMR 90 to 95 million. Ongoing Capex spending is supportedby secured financing lines with malor local Omani banks.

CASH POSITION & NET DEBT

As of Q2'26, the Cash and Cash Equivalent position was OMR 6.0 million,which was about OMR 1.1 million (or -16%) below the opening balance of 2026. For thenine-month period ended 30 September 2026, the Company generated OMR 442million of net operating cash flow, which included OMR 40.1 million of cash flow fromoperations plus OMR 4.1 million related to Net Working Capital improvement Year-to-Date, total Capex spending amounted to OMR 49.1 million and was financed throughdrawdowns Of bank loans of OMR 39.0 million.The remaining available cash was spent mostly on repayment Of loans & leaseliabilities plus associated interest repayment of OMR 18.6 million, dividends of OMR 13.0million, income tax Of OMR 3.3 million, and Other (mostly payment of deferred expenses)of OMR 1.3 million.

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As of 30 September 2026, the Conwany's Net Debt position was OMR 122 million,slightly up OMR 1 million (or +1%) compared to last Quarter. The lower then expectedincrease in Net Debt QOO was mostly due to an improved cash position of OMR 2.5million (or +70%) compared to 02, which came from significant improvement in NetWorking Capital management, and in particular in Receivable collections, with a QOOfavorable impact Of OMR 56 million. As of 0326, the Company's Gross Debt was OMR128.1 million, which was made up of Long-Term debt Of OMR 114.6 million, Short-Term loanOf OMR IO million, and lease liabilities of OMR 3.5 million. Compared to 0226, theCompany's Gross Debt has increased by OMR 3.4 million (or +3%), which mainly camefrom additional loans drawn during the Quarter Of OMR 6.8 million, less loanrepayments of OMR 3.7 million, as well as increase in lease liabilities of OMR 0.3 million.

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As of 30 2026, the Company's leverage ratio (Net Debt 1' 12-month trailingEBITDA) has marginally decreased QoQ from 2.5* to 2.4x on account of flat Net Debtand an increased EBITDA base. Nonetheless, we maintain the expectation that NetDebt and the leverage ratio will continue to increase next quarter until the newbuild rigsthat have been deployed start contributing to the Companys financials.

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RIG ACTIVITY & CONTRACT HIGHLIGHTS

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Rig utilization rate reached an average of 98.1% for the month of September 2026 with26.5 active rigs over a total available fleet of 27 rigs, reaching a new 12-month high.However, on a snapshot basis, we have effectively reached a 100% utilization rate, withall our rigs being contracted as of 30 September 2026. The two (2) rigs that wereinactive at the end Of 0226 resumed operations with Petroleum Development Oman("PDO") during 0326, as previously announced in our last Earnings Release. One of thetwo rigs is a gap filler until one Of the Wave Ill newbuild rigs is delivered (expected 0127),while the other rig started a 6-year contract with PDQ as previously announced in June2025

In addition to the above, the first rig of the Wave Ill batch Of six (6) newbuild rigs startedoperations with PDO by late September. Effectively, as of 30 September 2026, a fullutilization rate Of 100% was achieved with 28 active rigs out Of a fleet Of 28, aspreviously announced in our last Earnings Release.

ABRAJ continued its successful Wave Ill newbuild rig deployment with the second rig ofthe six-rig batch that started operations mid-October.

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Backlog position remained high, with an estimated balance of OMR 920 million at theend of 03. During the quarter, our backlog increased by OMR 8.7 million related to aone-rig contract award and decreased by the amount Of contract revenue recognizedduring the period. The backlog associated with our Drilling & Workover segment wasOMR 733 million. of which 89% is firm, and the rest is related to the option period. Thebacklog associated with our Well Services segment was OMR 187 million, with noadditions during the quarter.

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Following last month's communication on the notification Of award related to multi-year workover rigs, the Company has now announced that the contract has beenfinalized and provided some of the details. This contract was signed with PDO andrelates to nine (9) workover rigs, of which six (6) are new-built units, for a five (5) yearduration. Total contract value is estimated at OMR 100 million and will be added to thebacklog in the fourth quarter of 2026.

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As Of 30 September 2026. the remaining firm contract term days across the drilling rigfleet represented close to 45,000 cumulated days, which stand for approx. 4.6 years peractive rig. As the fleet expands and new rigs are being deployed, we expect theremaining tenure to logically decrease as the number Of active rigs increases. Totalbacklog over 12-month trailing revenue ("book-to-bill ratio") was 5.9x as of 30 September2026

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Short-term guidance

Full-year revenue guidance Is upgraded for a second time in a row from OMR 150 to160 million, as announced in our QZ26 Earnings Release. to OMR 160 to 163 million.Effectively, implied Q4 revenue expectations range between OMR 43 and 45 million.

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EBITDA guidance remains the same, from the low to mid 30s percentage Of revenue,respectively.With respect to CAPEX, we expect to spend in 0426 between OMR 18 and 23 million,with full-year spending ranging from OMR 67 to 72 million, in line with previous guidanceannounced.

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Eng. Saif Al Hamhami, Chief Executive Officer Of ABRAJ, commented on 0326results: •We are extremely pleased with the successful deployment of the first twoWave Ill rigs in September and October. The ABRAJ team demonstrated exceptionalexecution throughout the entire process, overcoming significant logistical challengesto clear, mobilize commission and bring the rigs into operation in record time. Fromport delivery to rig-site mobilization commissioning, customer acceptance and spud,the complete cycle was achieved in just 50 to 55 days, representing a truly outstandingaccomplishment.Looking ahead, we remain very optimistic about the business environment, supportedby strong tendering activity and a robust pipeline Of growth opportunities across localand regional markets. ABRAJS proven track record of operational excellence andIndustry-leading safety performance positions us well to capitalize on theseopportunities and deliver continued growth. "

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Hubert Lafeullte, Chief Financial Officer Of ABRAJ, further commented: "Wedelivered another solid quarter, generating strong sequential growth in both revenueand profitability while continuing to execute Our growth strategy at pace. The efficientdeployment Of our newbuild rigs has further Strengthened earnings visibility andenabled us to raise Our revenue guidance for the second Consecutive quarter.We also delivered a meaningful improvement in working capital, driven by tightercollection performance and enhanced cash conversion. As a result, we maintainedstable net debt and leverage metrics despite drawing additional financing to fund ourgrowth capital program. This reflects the strength of ourcash-generative businessmodel and our disciplined approach to capital management.With a strong pipeline of growth opportunities, we are actively pursuing initiatives tooptimize Our funding structure and enhance financial flexibility to provide additionalcapacity to pursue selective value-accretive growth opportunities "

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