Al-Hafarah Arabia supplies 11 excavators to SLB for 3 billion riyals
Arabian Drilling Company has signed a new contract with SLB to provide 11 onshore rigs for integrated gas projects, with a total value of up to 3 billion riyals. The contract duration is five years, supporting the company's revenues and the continuous use of its fleet starting from the third quarter of 2026. This contract comes after the resumption of operated offshore drilling platforms that had been paused, with the company expecting operational rates to reach 100% by the end of the third quarter, indicating a recovery in offshore drilling activities. Additionally, the company released updates on its financial results, which showed a loss of 31.5 million riyals in the second quarter despite an 11% decline in revenue. The company also continues to extend its contracts with Saudi Aramco, valued at 1.4 billion riyals.
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