Al-Hafarah Arabia Supplies Drilling Rigs for Khafji Operations
The Arabian Drilling Company has signed a contract valued at 2 billion riyals with Khafji Joint Operations to supply four high-specification offshore rigs of the self-elevating type. The aim is to support offshore drilling activities in the region over a period of four years, starting at the end of 2026, with no related parties involved. This contract increases the company's total backlog to 18 billion riyals and boosts its fleet by 200%, indicating significant expansion in its operational capabilities alongside Khafji Joint Operations. This move comes as part of the company’s efforts to offset declining revenues, as it recorded temporary losses in the second quarter, with revenues decreasing by 11% and rig utilization rates dropping from 79% to 72%.
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