Arabian Drilling Company, a preeminent provider of onshore and offshore gas and oil rig drilling services with its headquarters situated in Saudi Arabia, has recently unveiled a series of substantial long-term contracts valued at SAR850 million ($226.5 million). These contracts represent a significant milestone for the company, involving the supply of three additional land rigs to Aramco, a prominent oil conglomerate in Saudi Arabia. Under the comprehensive terms of these agreements, Arabian Drilling not only commits to providing the necessary land rigs but also pledges to furnish full crews to support Aramco's unconventional program within the Kingdom of Saudi Arabia.

The duration of these contracts is indeed noteworthy, extending over an impressive span of five years. With the integration of these new rigs into its operational fleet, Arabian Drilling's total rig count now stands at an impressive 48 units. Aramco has expressed its satisfaction and approval regarding this recent agreement, acknowledging its dual significance in bolstering their presence within the Unconventional Gas fields and elevating the tally of state-of-the-art land rigs deployed by Arabian Drilling to an impressive count of 13 units. This development epitomizes a substantial advancement in the realization of strategic objectives for both companies involved. Furthermore, it underscores the diversified operational framework of Arabian Drilling, encompassing conventional drilling activities across both land and offshore domains, with this recent expansion extending into the unconventional domain. This strategic trajectory mirrors the meticulous planning and vision outlined by Arabian Drilling, thereby reaffirming the robustness and adaptability of its business model.

In terms of the financial implications associated with this contract, Arabian Drilling foresees a positive impact on its revenue stream, with the commencement of revenue contribution anticipated in the first quarter of 2025. The seamless initiation and successful operation of the 10 previously announced new land rigs remain a top priority for Arabian Drilling for the calendar year 2024. As the company embarks on the deployment of these new rigs, its unwavering commitment to upholding the highest standards of Health, Safety, and Environment across all facets of its operations remains resolute. This commitment is integral to Arabian Drilling's ethos and underscores its dedication to operational excellence and sustainability.

This recent development serves as a testament to Arabian Drilling Company's unwavering dedication to innovation and excellence in the realm of gas and oil rig drilling services. It reinforces the company's position as a trusted partner in the industry and underscores its capability to meet the evolving needs and challenges of the sector. With a steadfast focus on operational excellence, safety, and sustainable practices, Arabian Drilling remains poised to navigate the complexities of the industry landscape and deliver value to its esteemed clients and stakeholders. As the company forges ahead, these contracts with Aramco not only solidify its strategic partnerships but also pave the way for continued growth and success in the dynamic and ever-evolving energy sector.