“Arabian Drilling” signs a contract with “Aramco” worth 650 million riyals

Today, Wednesday, the Arabian Drilling Company announced the signing of a new contract with Saudi Aramco, with a value of more than 650 million riyals, for a period of 5 years, for one offshore drilling rig.

And “Arabian Drilling” said in a statement on “Saudi Arabia’s Tadawul” that, according to the contract, it will provide an offshore drilling platform with its entire crew and associated equipment to carry out well drilling work and provide the necessary services in the Kingdom’s offshore fields.

It added that the contract is expected to become effective in the third quarter of fiscal year 2023.

It is expected that the financial impact of this contract will be reflected on “Arabian Drilling” by increasing the revenues of the third quarter of the fiscal year 2023.