Arabian Drilling Company, a major national onshore and offshore drilling contractor in Saudi Arabia, has won a number of five-year contracts from Aramco for 10 additional land rigs, amounting to more than SR3bn (US$799,680,000)
These 10 contract awards are for additional land rigs assigned to Aramco’s Unconventional Program. All are new-builds to be added to the company’s current land rig fleet of 38 units, representing a land rig fleet increase of 26%.
Ghassan Mirdad, chief executive officer of Arabian Drilling, commented, “We are delighted with Aramco’s trust in awarding Arabian Drilling these multiple contracts, providing us with the opportunity to establish our footprint in the Unconventional Program. This award fits perfectly with our growth strategy execution and we have strengthened the company’s balance sheet precisely to be able to support growth capex opportunities like this one.
“We continue to see a positive outlook in the market and pursue our growth strategy in the Kingdom, while remaining focused on achieving the highest health, safety and environment standards across our operations.”
Arabian Drilling posted an impressive 36% year-on-year increase in net income to SAR282mn (US$75.16mn) in the first half of 2023. For H1 2023, the company achieved a consolidated revenue of SAR1,570mn, representing a 25% increase over H1 2022, mainly driven by increased rig activity.