Al-Khobar, KSA - July 31st, 2023: Arabian Drilling Company (“Arabian Drilling” or the “Company”) (Tadawul symbol: 2381), one of the largest national onshore and offshore drilling contractor in Saudi Arabia, announced today multiple contracts awards from Aramco for ten (10) additional Land Rigs. The contracts' firm terms durations (i.e., excluding options) are five (5) years with estimated aggregate contracts value representing over three (3) billion Saudi Riyals.
These ten (10) contracts awards are for additional land rigs assigned to Aramco’s Unconventional Program. All ten (10) land rigs are new-builds to be added to the Company’s current land rig fleet of 38 units, representing a land rig fleet increase of 26%.
COMMENTS
Ghassan Mirdad, Chief Executive Officer of Arabian Drilling, commented:
“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. 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.
We continue to see a positive outlook in the market and pursue our growth strategy in the Kingdom, while remaining focused on achieving the highest health, safety and environment standards across our operations. “
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