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Arabian Drilling announces provide an update related to the offshore contracts, unconventional rig starts up and to confirm 2024 revenue guidance
| Element List | Explanation |
|---|---|
| Introduction | The announcement is to provide an update related to the offshore contracts, unconventional rig starts up and to confirm 2024 revenue guidance |
| Previous Announcement | Announcement dated 04/04/2024 regarding discussion with Aramco on suspension of three offshore rigs |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-04-04 Corresponding to 1445-09-25 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Al-Khobar, KSA – 04 June 2024: Arabian Drilling, or (the “Company”), (Tadawul symbol: 2381), one of the largest national onshore and offshore drilling contractors in Saudi Arabia, announces that it has finalized the discussions with Aramco related to the previously announced suspension of three Offshore Rigs. Two Offshore Rigs have been suspended for a period of up to 12 months and an agreement was reached not to extend the current contract on a third rig that ends in June 2024, due to significant capex investments that would have been required to prolong the contract. The Company is currently engaged with various parties regarding new commercial opportunities to reposition the rigs, including outside of Saudi Arabia. Arabian Drilling expects Revenue to grow year-on-year, in line with the 2024 guidance of SAR 3.6 to 3.9 billion previously communicated, despite the expected Revenue impact of approximately SAR 190 million due to decreased offshore rig activity. The Revenue growth is further supported by the early contribution of three Unconventional Gas Land Rigs that commenced their contract ahead of the initially planned start-up date, with the remaining seven rigs set to gradually come online during Q3’24. |
| Reasons For The Delay on The Date of The Event Previously Announced | Not Applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not Applicable |
| Delay consequences on the Company’s financial results | Not Applicable |
| Additional Information | Not Applicable |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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