Arabian Drilling renegotiates contract with Aramco
- Date: 04-Apr-2024
- Source: Mubasher
- Sector:Oil & Gas
- Country:Saudi Arabia
Arabian Drilling renegotiates contract with Aramco
Riyadh – Mubasher: Arabian Drilling has announced that it is in talks with Saudi Arabian Oil Company (Aramco) concerning contract suspensions of three of its offshore rigs.
The suspensions could last up to a year, according to a bourse filing.
However, Arabian Drilling stated that its revenue is expected to grow on an annual basis, with unconventional gas land rigs set to come on stream in the third quarter (Q3) of 2024.
It is worth noting that the Tadawul-listed company logged an 8.42% year-on-year (YoY) increase in net profit to SAR 605 million in 2023 from SAR 558 million.
Arabian Drilling renegotiates contract with Aramco
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