Saudi Arabian Oil Company (Aramco) has extended several onshore and offshore rig contracts worth nearly $800 million with Arabian Drilling Company.
The contracts have been extended from three to 10 years, Arabian Drilling noted in a statement.
Meanwhile, the company will continue providing multiple drilling and offshore platforms with their entire crew and associated equipment to conduct well-drilling operations in the Kingdom.
Ghassan Mirdad, CEO of Arabian Drilling, commented: “ The 10-year extension is an important milestone that will give us good visibility and avenue to prove we can deliver outstanding performance, year on year.”
“We continue to see a positive outlook in the market and pursue our growth strategy,” Mirdad added.
In the first half (H1) of 2023, Aramco delivered strong profitability and cash flows, enabled by low-cost production and high supply reliability. It generated a net income valued at $61.96 billion, an annual plunge from $87.91 billion.
