Arabian Drilling Announces Multiple Contract Extensions in Saudi Arabia

Arabian Drilling Announces Multiple Contract Extensions in Saudi Arabia

Arabian Drilling Company, Saudi Arabia, announced that Aramco has extended several onshore and one offshore rig contracts, due to expire in 2023, for periods ranging from 3 to 10 years.

The estimated aggregate contracts value represents up to Saudi Riyal (‘SAR’) three billion of additional firm contract backlog.

Ghassan Mirdad, Chief Executive Officer of Arabian Drilling, commented: “We are very pleased with the trust placed in us by our customers in extending some of our land and offshore rigs contracts. In particular, the 10-year extension is an important milestone, it will give us good visibility and avenue to prove we can deliver outstanding performance, year on year. “We continue to see a positive outlook in the market and pursue our growth strategy while remaining focused on achieving the highest Health, Safety and Environment standards across our operations. “

Read Also: Arabian Drilling awarded New Land Rigs Contracts Over SAR 3 billion