Al-Khobar, Saudi Arabia – Arabian Drilling Company, one of the largest national onshore and offshore drilling contractor in Saudi Arabia, announced on Tuesday that it secured multiple contracts from Aramco for ten) additional Land Rigs worth SAR 3 billion ($0.80 billion).
The ten contracts are for additional land rigs assigned to Aramco’s Unconventional Program. All ten land rigs are new-builds to be added to the company’s current fleet of 38 units, representing an increase of 26 percent
“We are delighted with Aramco’s trust in awarding Arabian Drilling these multiple contracts, providing us with the opportunity to establish our footprint in the Unconventional Program,” Ghassan Mirdad, Chief Executive Officer of Arabian Drilling, said.
“This award fits perfectly with our growth strategy execution and we have strengthened the Company’s balance sheet precisely to be able to support growth capex opportunities like this one.”.
In the first quarter, Arabian Drilling’s revenues jumped by more than 4 percent to SAR 779 million ($208 million).
The drilling company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) in the period reached SAR323 million, with a margin of 41.5 percent, representing a 40 basis points increase quarter-on-quarter.
