Arabian Drilling Company is a Saudi joint-stock company specializing in the drilling of oil and natural gas wells, as well as related extraction services. The company was founded in 1964 and owns a fleet of onshore and offshore drilling rigs in the Kingdom of Saudi Arabia and the neutral zone between the Kingdom of Saudi Arabia and Kuwait. Its client base includes prominent names such as Saudi Aramco, Schlumberger, al-Khafji Joint Operations, and Baker Hughes.
Arabian Drilling Company was listed on the Saudi Stock Exchange 'Saudi Tadawul' in November 2022, under the trading name 'Arabian Drilling' with the symbol (2381). Its shares are traded on the main market within the energy sector. Its capital reached SAR890 million as of the updated data in November 2022.
The company operates a fleet of fifty drilling rigs. The fleet includes thirty-eight onshore rigs, ranging from medium to ultra-heavy rigs capable of performing complex horizontal drilling operations and operating in harsh environments. The fleet includes twelve offshore rigs, consisting of high-specification heavy-duty jack-up rigs capable of drilling to a depth of four hundred ft (115 m) in both shallow and deep waters. Arabian Drilling's offshore operations are concentrated on the eastern coast of the Kingdom and the neutral zone. The company also operates self-propelled multi-purpose service vessels to provide well intervention services for its clients.
In the first quarter of 2022, the company successfully completed its first transaction in local debt markets, issuing sukuk worth SAR2 billion, which contributed to enhancing and improving the company’s capital structure.
The company maintains high ratings in the Rig Efficiency Index, an important measure of operational performance and part of the qualification process for drilling contractors to participate in Saudi Aramco's tenders. Historically, the company has consistently maintained high ratings in the Rig Efficiency Index, exceeding 90 percent (with the company's average rating over the past thirty-six months being 92 percent), which has enabled it to benefit from long-term contract extensions with Saudi Aramco, with the possibility of renewal. The superior operational performance and high ratings in the Rig Efficiency Index have increased the value of accumulated contracts to SAR8.2 billion as of July 31, 2022, representing 3.8 times the revenues of 2021.
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