Arabian Drilling Co.'s land rig

Arabian Drilling Co. (ADC) extended a long-term contract for one of its Saudi Aramco land rigs for SAR 440 million.

 

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The extension is for 10 years starting from the expiration of the current contract during the fourth quarter of 2024, the company said in a statement to Tadawul.

 

There are no related parties to the deal.

 

Commenting on the extension, CEO Ghassan Mirdad said it builds on the company’s long-term partnership with Aramco.

 

The material backlog of approximately SAR 440 million will support ADC’s future growth.

 

 

ADC generated SAR 2 billion in revenue from land rigs, accounting for 57.8% of the company’s total topline in 2023, according to Argaam data.

 

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