Saudi Arabia held military exercises with Iran and other countries recently in the Sea of Oman, the Saudi defence ministry spokesman said in a statement to AFP Wednesday.
The two Middle East rivals, which have long backed opposing sides in regional conflict zones, severed diplomatic ties in 2016.
However Shiite Muslim-dominated Iran and Sunni-majority Saudi Arabia resumed relations last year under a surprise China-brokered deal.
"The Royal Saudi Naval Forces had recently concluded a joint naval exercise with the Iranian Naval Forces alongside other countries in the Sea of Oman," said Brigadier General Turki al-Malki.
On Monday, the official Iranian news agency ISNA said the two former foes were planning joint military drills in the Red Sea.
"Saudi Arabia has asked that we organise joint exercises in the Red Sea," the commander of Iran's navy, Admiral Shahram Irani, was quoted as saying by ISNA.
But on Wednesday Maliki said: "No other exercises are being addressed during this period of time."
Iranian state media on Sunday reported that Iran was part of a military drill in the northern Indian Ocean alongside Russia and Oman, as well as six observer countries including Saudi Arabia.
Since November, Yemen's Iran-backed Huthi rebels have waged a campaign of attacks against ships in the Red Sea and the Gulf of Aden in what they say is a show of solidarity with Palestinians during the Israel-Hamas war in Gaza.
The Huthis have been fighting a Saudi-led coalition since 2015, months after they seized the capital Sanaa and most of Yemen's population centres, forcing the internationally recognised government south to Aden.
Saudi Arabia, which has backed the Aden government, has engaged in a delicate balancing act as the world's biggest oil exporter tries to extricate itself from the war on its doorstep.