Arabian Drilling signs SAR 3 bln contract for 10 onshore rigs with Aramco

31/07/2023 Argaam

Arabian Drilling signs SAR 3 bln contract for 10 onshore rigs with Aramco

An ADC offshore rig

Arabian Drilling Co. (ADC) announced signing long-term contracts for 10 onshore drilling rigs with Saudi Aramco valued at over SAR 3 billion, excluding VAT. 

 

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

 

ADC will supply 10 new onshore drilling rigs with full crews to conduct drilling and exploration operations within Aramco's unconventional program. 

 

The total number of rigs contracted will reach 45 onshore drilling rigs and 12 offshore units, ADC highlighted. 

 

The financial impact of this contract is expected to reflect in Q2 2024, the statement said, indicating that there are no related parties to the deal. 

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