Arabian Drilling reaches full operations at 1st 10 unconventional land rigs

A land rig of Arabian Drilling Co. 

Arabian Drilling Co. announced reaching full operations at its first 10 unconventional land rigs, previously awarded under the first contract announced in Q3 2023.

According to a statement to Tadawul, the company said that the operation of the 10 new rigs during the past six months was done through the joint and fruitful cooperation between Saudi Arabian Oil Co. (Saudi Aramco), the Saudi Ports Authority (MAWANI), and the Zakat, Tax, and Customs Authority (ZATCA) on the one hand, and Arabian Drilling’s subsidiary Arabian Offset Co. Ltd. and its logistics suppliers on the other.

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Three additional unconventional land rigs, awarded under the second contract announced in Q1 2024, are expected to begin operating by the end of 2024, ahead of schedule.

Contracts for all 13 rigs span five years, with a total value of nearly SAR 3.85 billion. Ghassan Mirdad, CEO of Arabian Drilling, stated that the company has successfully and safely completed operating the 10 unconventional land rigs, along with the three rigs from the second contract, scheduled to start operating by the end of this year, ahead of the planned timeline.

He attributed this success to the strong cooperation with the company’s partners and its dedicated team.

Mirdad pointed out that the addition of these 13 unconventional land rigs to the company’s fleet marked a significant milestone. It aligns with its commitment to meeting the growing demand in the gas sector and ensuring the qualitative balance of its fleet to sustain ongoing growth.

According to data available with Argaam, Arabian Drilling announced in July 2023 signing long-term contracts for 10 land drilling rigs with Saudi Aramco, valued at over SAR 3 billion, excluding VAT.