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Arab Drilling supplies 4 rigs for Khafji projects
Arab Drilling Company has signed a new contract with Khafji Joint Operations to supply four high-specification offshore rigs of the self-elevating type. The contract is valued at two billion riyals, with a duration of four years, and its financial impact will begin at the end of Q4 2026. This contract elevates the company's total order backlog to 18 billion riyals and increases its fleet by 200% to support Khafji operations, reflecting enhanced offshore capabilities. This development comes amid improved company results following losses of 31.5 million riyals in the second quarter, despite a decline in revenues by 11% to 765 million riyals, due to lower rig utilization rates. Arab Drilling is the largest drilling company in Saudi Arabia, owning a substantial fleet with a market value of approximately 8 billion riyals.
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