RIYADH: Energy company Saudi Aramco may examine its operational plans as the behemoth talks with drilling firms about pausing its offshore operations for a year.
Arabian Drilling, a prominent national contractor in the Kingdom, informed Tadawul in a statement that it is now in talks with Aramco about suspending contracts for three of its offshore rigs.
Additionally, the world-renowned provider of oil and gas drilling services, ADES Holding Co., revealed that it has come to a mutually agreeable arrangement with its Saudi Arabian client to temporarily suspend operations on five of its thirty-three offshore jack-ups operating in the Kingdom for an equivalent amount of time.
Mohamed Farouk, CEO of ADES Holding, commented on the announcement: “We continue to have constructive and active conversations with our key aligning with our client’s strategic needs and objectives while preserving the remaining backlog of the temporarily suspended contracts.”
The drilling company stated, “The suspension mechanism offers enough flexibility for the suspended rigs to complete the firm and optional terms of new deployments before resuming work in Saudi Arabia post-suspension,” even if it did not identify the customer. To maintain the remaining backlog for each contract, the initial term of the suspended contracts will automatically be extended for a duration equal to the suspension for each rig.
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