Arabian Drilling acquires SAR 260M self-elevating offshore service platform

Arabian Drilling Co. (ADC) acquired, on April 6, a new self-elevating offshore service platform at an approximate value of SAR 260 million, inclusive of modification and transportation costs.

In a statement to Tadawul, the company said the new platform aims to strengthen its offshore drilling services, adding that the acquisition will contribute over SAR 170 million in value to its business volume.

Arabian Drilling clarified that the deal was financed through its internal funding sources, expecting the new platform to commence operations under a two-year contract starting mid-2025.

With this addition, the company’s total fleet rises to 62 rigs, comprising 49 onshore units, 11 offshore units, and two self-elevating offshore service platforms.

The new platform will play a key role in supporting the company’s service activities, which complement its core drilling operations.

Arabian Drilling currently operates one offshore service platform in the Arabian Gulf, the statement noted.