Arabian Drilling Company, a leading onshore and offshore gas and oil rig drilling company in Saudi Arabia, has announced long-term contracts worth SAR850 million ($226.5 million) for supply of three additional land rigs to Saudi oil giant Aramco.
Under this deal, Arabian Drilling will be supplying the land rigs along with full crews for Aramco’s unconventional programme in the Kingdom of Saudi Arabia.
The entire contract will run for five years, and with these new additions, the rig fleet strength has now risen to 48.
On the contract win, CEO Ghassan Mirdad said: "We are delighted with this new award as it further consolidates our footprint in the Unconventional Gas fields by bringing the total number of brand-new land rigs that Arabian Drilling will deploy to 13. This is another important step in the execution of our strategy."
"Our operations mix of conventional drilling in both land and offshore, and now in unconventional, is in line with our strategy execution and proves the resilience of our business model," stated Mirdad.
On the financial impact of the order, Arabian Drilling said contribution to the company's revenue is expected to start in Q1 2025.
"The successful startup of the 10 new land rigs previously announced is a key priority in 2024. While we will deploy our new rigs, we always remain focused on achieving the highest Health, Safety and Environment standards across our operations," he added.-TradeArabia News Service