Arabian Drilling, Aramco sign 10 new onshore rigs contracts worth SAR 3 bln

Arabian Drilling Co. (ADC) announced the signing of long-term contracts for ten onshore drilling rigs with Saudi Aramco, with a total value of contracts exceeding SAR 3 billion (not including VAT).

The company stated in a statement on Tadawul that the contract period is five years from the commencement date of drilling operations.

ADC will supply ten new onshore drilling rigs with full crews to carry out drilling and exploration operations within Aramco's unconventional program.

The total number of rigs contracted after signing these contracts will be 45 onshore drilling rigs and 12 offshore units, ADC highlighted.

The financial impact of this contract is expected to show by Q2 2024, the statement clarified, indicating that there are no related parties.

Source : Argaam