Arabian Drilling Signs SAR 2 Billion, 5-Year Contract for 8 Land Rigs

Arabian Drilling (2381.SR) said on September 14, 2026 that it signed a 5-year contract with SLB Schlumberger Middle East to provide 8 additional land rigs for gas-project drilling under the LSTK model. The contract was signed on September 13 and is valued at approximately SAR 2 billion.

The company said the 8 rigs will be redeployed from its available land-rig fleet. The award therefore puts existing available assets to work rather than adding 8 newly purchased rigs to the fleet.

The contract is expected to lift Arabian Drilling's backlog to approximately SAR 16 billion. The company expects it to begin contributing to revenue in Q4 2026, meaning the backlog represents future contracted services rather than revenue realized immediately upon signing.

SLB is a major shareholder in Arabian Drilling, so the company disclosed the agreement as a related-party transaction. That classification identifies the ownership link between the parties but does not by itself establish the project's margins or profitability.

Arabian Drilling previously disclosed on August 31, 2026 another 5-year SLB contract covering 11 land rigs and worth approximately SAR 3 billion, with revenue contribution expected from Q3 2026. Together, the 2 disclosed agreements cover 19 rigs and add approximately SAR 5 billion to backlog.

EL7's authoritative market snapshot shows Arabian Drilling closed on September 13, 2026 at SAR 93.55 after trading between SAR 92.70 and SAR 95.60. Because that session preceded publication of the announcement on September 14, those prices cannot establish the stock's reaction to the contract; the next operational milestone identified by the company is the expected start of revenue contribution in Q4 2026.