ARABIAN DRILLING ANNOUNCES AN EXTIONON OF LONG TERM CONTRACT FOR ONE RIG AND ADDS MATERIAL BACKLOG
| Element List | Explanation |
|---|---|
| Introduction | Al-Khobar, KSA – 11 November 2024: Arabian Drilling, (Tadawul symbol: 2381), one of the major national onshore and offshore drilling contractors in Saudi Arabia, announce that it has secured a contract extension for one of its Saudi Aramco land rigs. |
| Date of Announcement of the Award | 2024-11-11 Corresponding to 1446-05-09 |
| Contract Subject Matter | it has secured a contract extension for one of its Saudi Aramco land rigs |
| The Entity with Which the Contract was Signed | Saudi Aramco |
| Date of Signing the Contract | 2024-11-11 Corresponding to 1446-05-09 |
| Contract Value | SAR 440 million |
| Contract Details | Al-Khobar, KSA – 11 November 2024: Arabian Drilling, (Tadawul symbol: 2381), one of the major national onshore and offshore drilling contractors in Saudi Arabia, announce that it has secured a contract extension for one of its Saudi Aramco land rigs.
The contract extension is for 10 years and will commence immediately after the current contract comes to an end in Q4’24. The estimated associated backlog for the extension is approximately SAR 440 million.
Ghassan Mirdad, Chief Executive Officer of Arabian Drilling, commented: “We are very pleased with the contract extension as we continue to build on our long-term partnership with Aramco and deliver exceptional service. The material backlog of approximately SAR 440 million will support our future growth.” |
| Contract Duration | 10 years |
| Financial Impact and the Relevant Period | SAR 440 million |
| Related Parties | Not Applicable |
| Additional Information | Not Applicable |
| Attached Documents |  |
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