‎Arabian Drilling, Aramco extend SAR 3 bln contracts

‎Arabian Drilling, Aramco extend SAR 3 bln contracts

Arabian Drilling Co., announced that Saudi Arabian Oil Co. (Saudi Aramco) decided to extend a bundle of contracts with it, which were scheduled to expire this year, at a value of up to SAR 3 billion (not including VAT).

According to a Tadawul statement, contracts have been extended for periods ranging from three to ten years from the commencement date of drilling operations.

It indicated that it will continue to provide several drilling and offshore platforms with their entire crew and associated equipment to carry out well drilling operations in the Kingdom of Saudi Arabia.

Arabian Drilling expected that the financial impact of this contract to be shown in Q3 2023 AD, indicating that there are no related parties.