Saudi Arabian drilling contractor Arabian Drilling has signed a contract with Masirah Oil and Northern Offshore to drill two firm wells and two optional wells in Oman, marking the company's entry into a new Gulf Cooperation Council (GCC) market.
The contract was signed on August 17 and has a value of less than 5% of Arabian Drilling's 2025 total revenue, the company said in an August 19 addendum.
Operations are expected to begin before the end of the third quarter of 2026, with the contract ending upon completion of the drilling operations. The financial impact is expected to be reflected in Arabian Drilling's 2026 results.
The contract follows the early completion of the company's first international offshore drilling contract and the redeployment of its jack-up rig to another GCC market.
“Securing a new contract in another GCC country after the successful completion of our first international offshore contract ahead of schedule represents an important milestone in Arabian Drilling’s growth journey. As we continue to expand our regional presence, we remain focused on delivering sustainable growth, creating long-term value for our shareholders, and supporting the evolving needs of the energy sector across the region,” said Fahad Albani, Chief Executive Officer of Arabian Drilling.
Arabian Drilling said there is no additional financial impact beyond what was disclosed in its initial announcement and that no related parties are involved in the contract.