Arabian Drilling Company has secured three contract extensions for land rigs with Saudi Aramco, totaling 1.4 billion Saudi riyals ($373.31 million), adding 25 active rig years to its backlog.
One rig is currently operational, the second will start operations by the end of January, and the third, suspended for now, is projected to resume operations this year, the company said in a statement to the Saudi stock exchange.
Arabian Drilling has secured seven contract extensions since November 2025, totaling SAR 3.4 billion and representing 55 committed rig years.
The contract durations span 10 years, 10 years and 5 years, respectively, for the three contracts.
Arabian Drilling projects 100% offshore utilisation by Q2 2026, with total fleet utilisation rising to 80% from 73.8% in Q3 2025, following the resumption of operations for rigs in Q4 2025 and the start of the first international contract in the GCC this quarter, the statement said.
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