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FILTERED RESULTS
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Arabian Drilling signs $800m deal for 11 rigs
Saudi contractor Arabian Drilling has signed a contract to supply 11 rigs for gas exploration.
The company said in a statement to the Saudi stock exchange that it had inked a five-year deal with SLB Schlumberger Middle East.
The Saudi company’s backlog stood at SAR12 billion ($3.2 billion) as of June 30, according to its first-half 2026 financial statement. The rig contract is worth around SAR3 billion.
The rigs will operate under a lump sum turnkey framework — a contract in which a single contractor handles all project stages for a fixed price — with SLB. No details were given on the location of the rigs.
The contract is expected to boost Arabian Drilling’s revenues from the third quarter of 2026, the statement said.
Earlier this month the company said all of its suspended offshore rigs in the kingdom, halted because of the Iran war, were set to resume operations by the end of the third quarter.
“The return of these rigs is a significant milestone for us and reinforces our confidence in the outlook for the offshore segment,” said CEO Fahad Albani.
Further reading:
- Saudi offshore drilling recovery accelerates as rigs restart
- LatAm gushers and possible Venezuela exit a nightmare for Opec
- Iran conflict widens gap between Saudi drilling rivals
Most of its rigs are located in Saudi Arabia, according to the company’s 2025 board report.
Arabian Drilling’s revenue fell 7 percent to SAR767 million in the quarter ended June, as it swung to a SAR32 million loss.
The company’s shares were trading nearly 2 percent higher on Monday but are down more than 4 percent so far this year.
SLB owns a 34 percent stake in Arabian Drilling. The Industrialisation and Energy Services Company (Taqa) owns 36 percent, while the remaining shares are in free float.
Source: AGBI