RIYADH: Arabian Drilling Co., listed on Saudi Arabia’s main market, has renewed contracts for 11 onshore gas drilling rigs, with the value of the agreement representing 15 to 20 percent of the company’s 2024 revenues.
In a Tadawul statement, the company said the agreement, which has a tenure of one year, was signed with global technology firm SLB, which holds a 34.3 percent stake in the company.
In a March bourse filing, Arabian Drilling reported a 2024 net profit of SR3.61 billion ($962 million), with 15 to 20 percent of that total equating to around SR542.4 million to SR723.8 million.
“This extension reinforces our market position as a preferred partner in the energy sector. Our ability to secure this extension is a testament to our client’s confidence in our capabilities and the consistent, high-quality service we deliver,” said Ghassan Mirdad, CEO of Arabian Drilling.
“Extending the contract confirms our commitment to excellence and strategic insight, which are crucial in maintaining valuable, long-term partnerships within the industry,” he added.
