Saudi Arabia's Addis Holding inks USD645M drilling contract with Kuwait Oil Company

2024-08-13 07:37:08

(MENAFN) On Monday, Saudi Arabia's Addis Holding Company secured a significant contract with Kuwait Oil Company, valued at 2.42 billion riyals (USD644.77 million). This deal involves the operation of six onshore drilling rigs in Kuwait, marking a notable expansion of Addis Holding's regional footprint. According to the announcement on the Saudi Stock Exchange, known as "Tadawul," operations are scheduled to commence in the second and third quarters of 2025 and will span a period of five years, with an option to extend for an additional year.

The contract encompasses new agreements for the operation of four existing drilling platforms currently deployed in Kuwait, as well as arrangements for managing two additional new platforms. Addis Holding, headquartered in Al Khobar, Saudi Arabia, manages a diverse fleet of both offshore and onshore drilling rigs across the Middle East, North Africa, and India, further strengthening its presence in the regional energy sector.

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