Saudi Aramco Extends $800 Mn Contracts for Arabian Drilling

A drilling rig belonging to Arabian Drilling (Arabian Drilling's website)
A drilling rig belonging to Arabian Drilling (Arabian Drilling's website)
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Saudi Aramco Extends $800 Mn Contracts for Arabian Drilling

A drilling rig belonging to Arabian Drilling (Arabian Drilling's website)
A drilling rig belonging to Arabian Drilling (Arabian Drilling's website)

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.



Saudi Market Authority: Kingdom Unaffected by Global Technical Disruptions

Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)
Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)
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Saudi Market Authority: Kingdom Unaffected by Global Technical Disruptions

Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)
Two investors monitor stock prices on the Saudi Tadawul screen (Reuters)

The Saudi Capital Market Authority (CMA) has assured the integrity and full operational readiness of its systems following global technical disruptions affecting various sectors.
The CMA confirmed that it has been coordinating with relevant authorities from the outset to ensure uninterrupted service for all investors during Sunday’s trading sessions.
In a statement released on Saturday, the CMA emphasized that listed companies in the financial market have been instructed to disclose any significant developments related to the issue.
The Saudi Stock Exchange, Tadawul, also confirmed the reliability and readiness of its systems to ensure uninterrupted service for all investors.
The CMA highlighted that technical teams are monitoring the systems round-the-clock to ensure the continuous functioning of services and the technical infrastructure, ensuring business continuity and system efficiency in the market.
Limited Impact
Since the onset of the global technical crisis, the Saudi National Cybersecurity Authority (NCA) reported that the impact on the Kingdom has been limited.
In a statement, the NCA referenced media reports of widespread technical failures in critical sectors worldwide and clarified that the impact on national entities in Saudi Arabia has been minimal, based on current assessments.
The NCA attributed these global disruptions to a technical error in a product update released by cybersecurity firm CrowdStrike early Friday morning.
Cyber Incidents
The NCA credited the robust support and significant backing from Saudi leadership for the cybersecurity sector, enabling proactive measures to detect and address cyber threats and risks.
The NCA has also been committed to fostering local cybersecurity capabilities and enhancing technological sovereignty.
The NCA affirmed that its cybersecurity regulations and standards have bolstered the security and reliability of the Kingdom’s cyberspace, positively impacting the protection of national entities and critical infrastructure.
The authority continues to oversee compliance with these regulations through its National Cybersecurity Services Portal (Haseen), working in partnership with all national entities to enhance national cybersecurity.
This initiative is fundamental to safeguarding the Kingdom’s vital interests, critical infrastructure, government services, and key sectors in both the public and private domains.