Riyadh – Mubasher: Arabian Drilling has signed long-term contracts with Saudi Arabian Oil Company (Aramco) at a value of more than SAR 3 billion, according to a bourse statement.
The contracts have a duration of five years, under which Arabian Drilling will supply Aramco with 10 land rigs that will increase the current 38-unit fleet by 26%.
CEO of Arabian Drilling, Ghassan Mirdad, said: “We are delighted with Aramco’s trust in awarding Arabian Drilling these multiple contracts, providing us with the opportunity to establish our footprint in the Unconventional Program.”
He added: “This award fits perfectly with our growth strategy execution, and we have strengthened the company’s balance sheet precisely to be able to support growth capex opportunities like this one.”
It is worth noting that the new land rigs come as part of Aramco’s unconventional programme in Saudi Arabia.
In the first quarter (Q1) of 2023, Arabian Drilling recorded net profits after Zakat and tax worth SAR 141 million, compared with SAR 94 million in the same period last year.
Meanwhile, Aramco generated net profits worth SAR 119.54 billion in January-March 2023.
