Rowan Companies has announced that its JV with Saudi Aramco, ARO Drilling, was awarded six three-year contracts by Saudi Aramco for jackup rigs currently operating in Saudi Arabia.
The new contracts will commence upon completion of the rigs’ existing contracts later this year.
Rowan will lease Rowan Middletown, Charles Rowan, and Arch Rowan to ARO Drilling in September, and the Rowan Mississippi to ARO Drilling in December to fulfill the new drilling contracts.
The other two rigs The Scooter Yeargain and Hank Boswell will be sold to ARO Drilling in October.
“Our partnership with Saudi Aramco in ARO Drilling and our operational track record in the Middle East have paved the way for this award of eighteen years of jack-up backlog. We believe these six three-year contract awards, and the five three-year contracts awarded earlier this year, continue to demonstrate the value ARO Drilling will create over the coming years,” said Tom Burke, president and chief executive officer of Rowan.