Arabian Drilling, Aramco extend SAR 290M land rig contract

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 290 million.

The contract was extended for five 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.

Earlier this week, ADC extended a long-term contract for one of its Saudi Aramco land rigs for SAR 440 million, Argaam reported.

The company generated SAR 2 billion in revenue from land rigs in 2023, or 57.8% of its total topline.