Arabian Drilling signs SAR 650 mln contract with Saudi Aramco for jackup oil rig

11/01/2023 Argaam

Arabian Drilling signs SAR 650 mln contract with Saudi Aramco for jackup oil rig

An offshore drilling rig belonging to Arabian Drilling Co.

Arabian Drilling Co. (ADC) signed on, Nov. 27, a five-year contract worth above SAR 650 million with Saudi Aramco, for a jackup oil rig.

 

In a statement to Tadawul, the company pointed out that as per the contract, ADC will provide a jackup oil rig with a full crew, as well as all associated equipment necessary for carrying out oilwell drilling work.

 

ADC will, moreover, be committed to provide all related services needed across the Kingdom's offshore oil fields.

 

Actual operation is expected to start by Q3 2023, the statement added.

 

The financial impact will reflect on the company’s Q3 2023 financials, the statement said, noting that there are no related parties to this contract.

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