Arabian Drilling, one of Saudi Arabia's largest national onshore and offshore drilling contractor, announced its financial results for Q1’24 with YoY EBITDA growth of 25%
The company also highlighted its HSE achievements, explaining that its 12-month rolling average Total Recordable Incident Frequency (“TRIF”) showed an improvement from 0.94 in Q4’23 to 0.90 in Q1’24.
HSE award for Arabian Drilling
The company added that Aramco recognised Arabian Drilling with the Best HSE Rig Award, amongst all of its contracted offshore rigs, during the quarter. Arabian Drilling added that the award is a testimony to the company’s dedication and commitment to an incident-free workplace, everywhere and every day.
Ghassan Mirdad, CEO of Arabian Drilling, said, “Our teams delivered a strong operational performance on a number of fronts during the quarter. We received an award for the Best HSE Rig from Aramco, successfully re-deployed an idle land rig, and our teams yet again are doing an excellent job on the start-up activities for the unconventional rigs. In that respect, I am very pleased to announce that we have just started drilling operations with the first of our unconventional rig, ahead of schedule, marking a significant milestone in this important programme that will support Saudi Arabia’s energy transition and our long-term growth aspirations.
We're making good progress to finalise the terms for the previously announced suspension of our three offshore rigs and are actively exploring opportunities to redeploy these rigs with other clients.”
The company also said that the Aramco Rig Efficiency Index (“REI”) remained consistently strong at 94% across its Aramco-contracted fleet, with more than 90% of the rigs scoring in the high or superior category.
Its fully-owned rig move subsidiary, OFSAT, completed 43 rig moves during Q1’24 with an average net saving of 1.3 days per rig move compared to Aramco’s Rig Move KPI, which is in line with the average performance of the last three quarters. This corresponds to extra 56 days of rig operating time. "The company continues to deliver a consistently safe rig move performance and high utilisation rate for its rig moving equipment," it said in a press statement.
