ARABIAN DRILLING IN DISCUSSIONS WITH ARAMCO REGARDING THREE OFFSHORE CONTRACTS

ARABIAN DRILLING IN DISCUSSIONS WITH ARAMCO REGARDING THREE OFFSHORE CONTRACTS

Arabian Drilling, one of the largest national onshore and offshore drilling contractors in Saudi Arabia, announces that it is currently in discussions with Aramco regarding contract suspensions relating to three of its offshore rigs. The suspensions are for a period of up to 12 months. The impacted rigs and the timing of the suspensions are yet to be confirmed. The Company will provide a market update once the discussions are finalized. The 2024 Revenue guidance previously communicated remains unchanged as it already assumed a potential downsizing in the Offshore Segment. The Company expects Revenue to continue growing Year on Year with the contribution of the Unconventional Gas land rigs coming on stream in Q3 2024.

ARABIAN DRILLING IN DISCUSSIONS WITH ARAMCO REGARDING THREE OFFSHORE CONTRACTS