Arabian Drilling signs SAR 2B contract with SLB for 8 land rigs
The five-year contract will add nearly SAR 2 billion to Arabian Drilling backlog
Arabian Drilling Co. signed a new SAR 2 billion contract with SLB Schlumberger Middle East SA to provide eight additional land rigs for LSTK operations for gas projects.
In a statement to Tadawul, the company said the five-year contract will add approximately SAR 2 billion to its backlog.
The rigs will be redeployed from the company’s available land rig fleet, bringing its total backlog to around SAR 16 billion.
The contract is expected to contribute to revenue starting in Q4 2026, the statement added, noting that SLB is a related party to the contract, as it is one of Arabian Drilling's major shareholders.
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Contract Details |
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|
Item |
Details |
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Parties |
Arabian Drilling and SLB Schlumberger |
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Subject |
Providing 8 additional land rigs for LSTK operations for gas projects |
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Value |
SAR 2 billion |
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Duration |
5 years |
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Method |
The rigs will be redeployed from the company's available land rig fleet |
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Financial impact |
The contract will contribute to revenue starting from Q4 2026 |
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Related party |
SLB, as it is one of Arabian Drilling's major shareholders |
According to data available on Argaam, Arabian Drilling signed a new five-year contract with SLB Schlumberger Middle East in August to provide 11 land rigs for LSTK operations for gas projects, at a total value of approximately SAR 3 billion.
Accordingly, the two contracts will provide a total of 19 rigs, with a combined contract value of SAR 5 billion.
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