Saudi firm Arabian Drilling to enter alliance with Shelf Drilling to expand overseas reach

Dubai: The Saudi company Arabian Drilling plans to create an alliance with UAE based Shelf Drilling by which it will deploy premium jack-up rigs internationally. This way, the plan is to 'expand the reach and capabilities of both companies'.

Listed on Tadawul, Arabian Drilling is the largest onshore and offshore drilling company in Saudi Arabia based on fleet size.

Shelf Drilling, listed on Oslo Stock Exchange, is a shallow water offshore drilling contractor with rig operations in the Middle East, Southeast Asia, India, West Africa, the Mediterranean and the North Sea.

Arabian Drilling will gain access to Shelf Drilling's international operating platform and 'diverse customer relationships'. The latter will try to deploy some of Arabian Drilling’s high-specification jack-up rigs to meet specific contract requirements.

"By combining resources, technical expertise and operational excellence, the alliance will be positioned to deliver outstanding services to customers and increase the competitiveness of both companies," said a statement.

According to Ghassan Mirdad, CEO of Arabian Drilling, "The alliance gives us a clear path to execute our strategy to develop an international footprint. Shelf Drilling’s expertise and international presence will bring our advanced, high-specification rigs to new markets. The alliance is an exciting new opportunity to create value."