Arabian Drilling, Saudi Aramco pen $77.33mln deal

Riyadh –  Arabian Drilling has secured a contract extension for one of its Saudi Arabian Oil Company (Aramco) land rigs at a value of SAR 290 million, according to a bourse disclosure.

The two signed the long-term agreement on 13 November 2024. It holds an extension period of five years.

Ghassan Mirdad, CEO of Arabian Drilling, commented: “This is a reflection of the ongoing long-term partnership with Saudi Aramco. We look forward to servicing Aramco with the same dedication and passion.”

In the first nine months (9M) of 2024, the net profits of Arabian Drilling plunged to SAR 251.24 million from SAR 421.80 million in the year-ago period.

Aramco posted lower net profits at SAR 314.65 billion as of 30 September 2024, versus SAR 354.54 billion in 9M-23.

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