PROJECTS: Saudi-listed Arabian Drilling renews contract for 11 onshore gas drilling rigs

About this update from Arabian Drilling Co.

First published: 18-Aug-2025 11:05:02Staff WriterArabian Drilling Co. has extended the contracts for 11 onshore gas drilling rigs with SLB (formerly Schlumberger) for one year.The contract value represents 15-20 percent of the company’s 2024 revenues, which reached SAR 3.61 billion ($962 million) .All 11 rigs are currently in operation, the company said in a statement to the Saudi stock exchange.Arabian Drilling will continue to provide drilling services to SLB under a lump sum turnkey (LSTK) contract in Saudi Arabia.SLB owns a 34.3 percent stake in Arabian Drilling.The company possesses 22 land rigs, with contracts set to expire in 2025, of which 11 are contracted with SLB for the LSTK, with a one-year extension option, according to its 2024 annual report.According to the IPO prospectus, Arabian Drilling entered into an onshore drilling rigs contract with SLB for drilling 129 wells in the Ghawar field and other fields in the Kingdom. Another onshore drilling rig contract was for 110 wells in Khurais, Mazalij, AbuJifan, Ghawar and Abqaiq fields in the Gulf nation.The company now has two remaining rig contracts, subject to renewal this year, from 24 rigs as of 1 January 2025, it said in the stock exchange filing.(Editing by Anoop Menon) ([email protected])Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

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