{"version":"1","article":{"id":"arabian-drilling-kjo-four-offshore-rigs-two-billion-sar-contract-2026","slug":"arabian-drilling-kjo-four-offshore-rigs-two-billion-sar-contract-2026","language":"en","url":"https://haberpaper.com/en/news/arabian-drilling-kjo-four-offshore-rigs-two-billion-sar-contract-2026","api_url":"https://haberpaper.com/api/v1/articles/arabian-drilling-kjo-four-offshore-rigs-two-billion-sar-contract-2026?lang=en","title":"Arabian Drilling signs four-rig offshore contract with KJO","summary":"The four-year deal is worth about SAR 2 billion and lifts the company’s backlog to SAR 18 billion.","category":"energy","region":"world","topics":[],"published_at":"2026-10-04T23:17:58+03:00","modified_at":"2026-10-04T23:17:58+03:00","publication_basis":"publication-record","event_period":"2026-09-28","event_period_basis":"event-or-reference-period","sources":[{"name":"Arabian Drilling — Saudi Exchange","url":"https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anCat=1&anId=98317&cs=2381&locale=en","checkedAt":"2026-10-04","publishedAt":"2026-09-29"}],"translations":[{"language":"tr","url":"https://haberpaper.com/tr/news/arabian-drilling-kjo-four-offshore-rigs-two-billion-sar-contract-2026","api_url":"https://haberpaper.com/api/v1/articles/arabian-drilling-kjo-four-offshore-rigs-two-billion-sar-contract-2026?lang=tr"},{"language":"en","url":"https://haberpaper.com/en/news/arabian-drilling-kjo-four-offshore-rigs-two-billion-sar-contract-2026","api_url":"https://haberpaper.com/api/v1/articles/arabian-drilling-kjo-four-offshore-rigs-two-billion-sar-contract-2026?lang=en"},{"language":"ar","url":"https://haberpaper.com/ar/news/arabian-drilling-kjo-four-offshore-rigs-two-billion-sar-contract-2026","api_url":"https://haberpaper.com/api/v1/articles/arabian-drilling-kjo-four-offshore-rigs-two-billion-sar-contract-2026?lang=ar"}],"data_types":[],"data":null,"data_compilations":[],"data_downloads":[],"content":{"paragraphs":["Arabian Drilling says it has signed a new four-year contract with Khafji Joint Operations (KJO). In a company filing submitted to the Saudi Exchange on September 29, the contractor said the agreement was signed on September 28 and covers four high-specification jack-up offshore drilling rigs for KJO’s offshore operations. The disclosed contract value is approximately SAR 2 billion. KJO operates oil and gas assets in the Neutral Zone between Saudi Arabia and Kuwait, but the filing does not specify how many wells will be drilled, a target production volume or a day-by-day drilling schedule.","The company described the award as the largest single offshore drilling contract KJO has awarded to it and said its contracted rig fleet serving KJO would increase by 200%. The filing gives this percentage without stating the fleet’s absolute starting or ending rig count, so it should be read as a relative increase only. The award lifts Arabian Drilling’s total contract backlog to approximately SAR 18 billion, a record level according to the company. It expects the contract’s financial impact to begin at the end of the fourth quarter of 2026. That timing does not mean the full-year contract value will be recognized in that quarter; the disclosure provides no annual revenue schedule or margin estimate.","The announcement marks an expansion of the contractor’s existing commercial relationship with KJO into a larger offshore rig deployment. The four-year term, approximately SAR 2 billion value and expected start of financial contribution are the central measures in the filing. Backlog represents contracted future work, not cash already collected or a guarantee of profit. The company did not disclose the date on which the rigs will enter service, staffing needs, utilization assumptions, cost allocation or how revenue will be distributed over the contract years. The award therefore should not be described as four rigs already operating. Without a separate operational update from KJO, the contract also does not establish a production increase, new oil or gas volumes, or a change in field capacity. The filing sets out the scale of the work and its planned financial timing; subsequent operational progress would need to be reported separately."],"key_points":[],"sections":[]},"text":"The four-year deal is worth about SAR 2 billion and lifts the company’s backlog to SAR 18 billion.\n\nArabian Drilling says it has signed a new four-year contract with Khafji Joint Operations (KJO). In a company filing submitted to the Saudi Exchange on September 29, the contractor said the agreement was signed on September 28 and covers four high-specification jack-up offshore drilling rigs for KJO’s offshore operations. The disclosed contract value is approximately SAR 2 billion. KJO operates oil and gas assets in the Neutral Zone between Saudi Arabia and Kuwait, but the filing does not specify how many wells will be drilled, a target production volume or a day-by-day drilling schedule.\n\nThe company described the award as the largest single offshore drilling contract KJO has awarded to it and said its contracted rig fleet serving KJO would increase by 200%. The filing gives this percentage without stating the fleet’s absolute starting or ending rig count, so it should be read as a relative increase only. The award lifts Arabian Drilling’s total contract backlog to approximately SAR 18 billion, a record level according to the company. It expects the contract’s financial impact to begin at the end of the fourth quarter of 2026. That timing does not mean the full-year contract value will be recognized in that quarter; the disclosure provides no annual revenue schedule or margin estimate.\n\nThe announcement marks an expansion of the contractor’s existing commercial relationship with KJO into a larger offshore rig deployment. The four-year term, approximately SAR 2 billion value and expected start of financial contribution are the central measures in the filing. Backlog represents contracted future work, not cash already collected or a guarantee of profit. The company did not disclose the date on which the rigs will enter service, staffing needs, utilization assumptions, cost allocation or how revenue will be distributed over the contract years. The award therefore should not be described as four rigs already operating. Without a separate operational update from KJO, the contract also does not establish a production increase, new oil or gas volumes, or a change in field capacity. The filing sets out the scale of the work and its planned financial timing; subsequent operational progress would need to be reported separately.","corrections":[],"editorial_illustration":{"kind":"symbolic-editorial-illustration","documentary":false,"scope":"section","asset_id":"energy","url":"https://haberpaper.com/assets/illustrations/energy-1536.webp","width":1536,"height":1024,"alt":"Symbolic energy landscape with solar panels, wind turbines and transmission lines.","language":"en"},"section_illustration":{"kind":"symbolic-editorial-illustration","documentary":false,"scope":"section","asset_id":"energy","url":"https://haberpaper.com/assets/illustrations/energy-1536.webp","width":1536,"height":1024,"alt":"Symbolic energy landscape with solar panels, wind turbines and transmission lines.","language":"en"}}}