Arabian Drilling, Aramco extend SAR 3 bln contracts

Arabian Drilling Co., said Saudi Arabian Oil Co. (Saudi Aramco) decided to extend a bundle of contracts that were scheduled to expire this year, at a value of up to SAR 3 billion (not including VAT).

According to a Tadawul statement, contracts have been extended for periods ranging from three to 10 years from the commencement date of drilling operations.

It indicated that it will continue to provide several drilling and offshore platforms with their entire crew and associated equipment to carry out well drilling operations in Saudi Arabia.

Arabian Drilling expects the financial impact of these contracts to show in Q3 2023, indicating that there are no related parties.

Source :Argaam