International

Arabian Drilling inks $173.33mln deal with Saudi Aramco

Published on : 2023-01-12

Riyadh – Arabian Drilling Company signed a contract with Saudi Arabian Oil Company (Saudi Aramco) at a value exceeding SAR 650 million for one offshore jack-up unit.

Under the five-year agreement, Arabian Drilling will supply an offshore jack-up unit equipped with a full crew to perform offshore drilling services across Saudi Arabia, according to a recent bourse filing.

The project is forecast to commence operations in the third quarter (Q3) of 2023 and reflect on Arabian Drilling’s revenues during the same period.

It is worth noting that the awarding and signing dates of the contract were on 27 November 2022.

In the first nine months (9M) of 2022, Arabian Drilling posted a 171.09% year-on-year (YoY) leap in net profit after Zakat and tax to SAR 421 million, compared to SAR 155.30 million.

Meanwhile, Aramco achieved a net profit after Zakat and tax worth SAR 488.78 billion in 9M-22, higher by 67.97% than SAR 291 billion during the same period a year earlier.

Related Articles

Italy’s Eni launches major gas development project in Libya

$8bln offshore gas field development project also includes Carbon Capture and Storage

Read More

Saudi Aramco Acquires Largest Oil Refinery in North America

Saudi Aramco global trading arm has bought US firm Motiva Trading as it seeks to expand its footprint across North and South America.

Read More

Wintershall Dea to exit from Russian projects

Wintershall Dea intends to fully exit Russia following a principle decision of the Management Board, approved by the Supervisory Board. The company will leave the country in an orderly manner, complying with all applicable legal obligations.

Read More
Wintershall Deaneptune LogoSIEnppipetrojetTransGlobe SCHNEIDER-ELECTRIChempleEgypt gasNorthAlmansooriSKY CTS exxonmobilSchlumbergerhttps://www.shell.com/GascoCPC