Arabian Drilling signs SAR 75M contract for offshore drilling operations

An ADC offshore rig

Arabian Drilling Co. (ADC) signed today, July 29, an international contract for offshore drilling operations with a GCC-based company at a total value of SAR 75 million.

 

The contract will last for a period of five to seven months, ADC said in a statement to Tadawul.

 

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Operations are scheduled to start in Q1 2026, the company added, expecting the contract to have an accretive financial impact on its backlog.

 

There are no related parties to the contract.

 

The drilling contract is primarily for exploration purposes. As such, the initial allocation of SAR 75 million is designated for the preliminary drilling of exploration wells.

 

The potential extension of this contract will be contingent upon the successful outcomes derived from these exploratory efforts, the statement concluded.

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