Latest news with #ArabianDrillingCo
Argaam
05-05-2025
- Business
- Argaam
Arabian Drilling secures SAR 1.1B contract extensions for 2 rigs with Aramco
Arabian Drilling Co. (ADC) extended today, May 5, long-term contracts for two onshore drilling rigs with Saudi Aramco. In a statement to Tadawul today, the company said the contract is valued at SAR 1.06 billion, with a duration of 10 years for each drilling rig. The financial impact of this extension will appear in Q2 2025, Arabian Drilling expects. Under the contract, Arabian Drilling will continue to supply Aramco with two land drilling rigs, along with a full crew to carry out drilling operations in Saudi Arabia. No related parties are involved, the company noted.
Argaam
19-02-2025
- Business
- Argaam
Alliance with Shelf Drilling helps Arabian Drilling expand internationally at lower costs: CEO
Ghassan Mirdad, CEO of Arabian Drilling Co. (ADC), said the strategic alliance with Shelf Drilling Co. will help the company expand internationally into new offshore drilling markets in Africa and Asia. In an interview with Argaam on the sidelines of the Capital Markets Forum (CMF), Mirdad pointed out that the demand for offshore drilling rigs is increasing. He added that this collaboration with Shelf Drilling, a global leader in the industry, will accelerate the expansion process at lower costs compared to setting up independent branches in each country. In recent months, the company focused on executing unconventional gas projects within Saudi Arabia, which led to a temporary delay in external expansion plans, Mirdad noted. The company won 13 out of 23 rigs offered in recent tenders, strengthening its position in the gas sector. Currently, Arabian Drilling owns 60 rigs, including 11 offshore rigs, and is looking to expand its presence in new markets, especially with the rising demand for offshore drilling rigs. In addition, the company is preparing to participate in new tenders in Kuwait as part of its plans for regional land-based expansion. Arabian Drilling enjoys a strong financial position, with loans totaling SAR 3 billion, including SAR 2 billion Sukuk and SAR 1 billion conventional loans, the executive added. This financial strength provides significant flexibility to access additional facilities when needed, Mirdad noted, adding that the recent decline in interest rates will positively impact financing costs, boosting the company's ability to implement its future growth strategies.
