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Arabian Drilling Announces Securing Contract Extension with Khafji Joint Operations Company for Three Years

2381
ARABIAN DRILLING
-0.57 %
1447/01/19     14/07/2025 08:10:19

Element ListExplanation
Introduction Arabian Drilling extends offshore contract with Khafji Joint Operations Company for three years
Date of Announcement of the Award 2025-07-14 Corresponding to 1447-01-19
Contract Subject Matter Arabian Drilling extends offshore contract with Khafji Joint Operations Company for three years
The Entity with Which the Contract was Signed Khafji Joint Operations Company
Date of Signing the Contract 2025-07-13 Corresponding to 1447-01-18
Contract Value 8.0% to 12.0% of 2024 revenues
Contract Details The company has successfully secured a three-year extension of an offshore drilling contract with Khafji Joint Operations Company (KJO) with a total backlog addition ranging from 8.0% to 12.0% of the Company’s 2024 revenues.
Contract Duration Three years
Financial Impact and the Relevant Period Looking at the total fleet as of March 31, 2025, 19 rigs had contracts set to expire within the year. Of these, contracts for 6 rigs have already been successfully renewed. Negotiations are actively continuing with clients to secure the renewal of the remaining rigs.

This contract extension is in direct continuation of the existing contract and is effective as of today.

Related Parties 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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