Arabian Drilling Co. (2381) announced the extension of a land rig contract with Aramco worth SAR 440 million (approximately USD 117 million).
This extension reflects a long-term strategic partnership between the two companies.
Details
The long-term contract for one of its Saudi Aramco land rigs will run for ten years, starting from the last quarter of this year, following the completion of the current one.
So what
Ghassan Mirdad, CEO of Arabian Drilling, explained that the contract reinforces their long-term strategic partnership with Aramco.
He added that they are committed to delivering “exceptional services” consistently through this partnership.
He further stated that the contract’s total value will support Arabian Drilling’s future growth.
Some context
Arabian Drilling reported a decline in its net profit for Q3 of the current year, dropping by about 39.5% YoY to SAR 85 million.
Its net profit for the first nine months of the year also fell by 40.4%, reaching SAR 251.2 million.
Earnings per share dropped to SAR 2.82 SAR, compared to SAR 4.74 during the same period in 2023.
