Arabian Drilling, Aramco seek to suspend contracts for 3 offshore rigs

An ADC offshore rig

Arabian Drilling Co. (ADC) announced that it is currently discussing its options with Saudi Aramco regarding suspending contracts for three offshore drilling rigs.

In a statement to Tadawul, ADC said it expects the rigs to be suspended for up to 12 months.

The drilling rigs that will go review and the start date of the suspension have not yet been determined, the statement indicated, noting that the details will be announced once available. ADC’s revenue guideline for 2024, which was previously announced, will not change, as it included the assumption of reducing the number of offshore drilling rigs.

It expects continued growth in its revenues on an annual basis, with a contribution from the land rigs for the unconventional gas project, which will start operation by Q3 2024.