An ADC offshore rig
Arabian Drilling Co. (ADC) announced that it is currently discussing its options with Saudi Aramco regarding suspending contracts for 3 offshore drilling rigs.
ADC expected in a statement on Tadawul that the suspension duration of these rigs to extend to a maximum of 12 months.
The drilling rigs whose contracts will be suspended and the start date of the suspension have not yet been determined, the statement indicated, noting that the details will be announced soon 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 expected 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.
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