Saudi Aramco extended several contracts worth close to $800 million with the Arabian Drilling Company (ADC) that were due to expire in 2023.
The contracts have been extended from three to ten years, the company said in a statement.
The company noted that the financial impact of this extension is expected to be reflected in the results of the third quarter of the fiscal year 2023.
The Arabian Drilling, listed on Tadawul, specializes in onshore and offshore drilling activities in the Kingdom.
It announced in July that it had signed long-term contracts with Aramco to provide it with ten new-build land rigs with full crews to conduct drilling and exploration operations within Aramco's unconventional program.
The ADC signed a similar contract with the Saudi oil giant in January for five years to provide it with one offshore drilling platform exceeding SR650 million.
The company's profits grew 36 percent in the first half of this year to reach SR282 million, after it increased by 23 percent in the second quarter to SR140 million.
