Arabian Drilling Company has signed a contract worth $533 million to supply four high-specification offshore drilling rigs to support drilling operations in the waters of Saudi Arabia. This contract enables Arabian Drilling Company to expand its activities in line with increasing its revenues and financial results from the end of the fourth quarter of 2026.
A Strategic Milestone for Arabian Drilling Company
This contract, as the largest offshore drilling contract awarded by KJO to Arabian Drilling Company, is considered a strategic milestone for the company and strengthens its position in the Saudi Arabian offshore drilling market. Fahd Al-Bani, CEO of Arabian Drilling Company, emphasized the importance of this contract, stating: "This contract demonstrates the strength of our partnership and our ability to deliver reliable and efficient operations on a large scale."
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Increased Financial Record and Growth Opportunities
This contract will increase the backlog of Arabian Drilling Company to a record 18 billion Saudi Riyals (approximately $4.8 billion) and significantly enhance the company's future revenues. Additionally, this contract will help strengthen the quality and sustainability of the company's revenue profile. This milestone prepares Arabian Drilling Company to capitalize on long-term growth opportunities in the offshore drilling sector and creates sustainable value for shareholders.
Arabian Drilling Company has recently secured several contracts, including one with Masirah Oil and Northern Offshore in August 2026 for drilling two main wells and two optional wells in Oman.
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