Saudi Arabia’s Arabian Drilling Company has signed a new five-year contract worth approximately SAR3 billion ($800 million) with SLB for the provision of 11 land rigs for gas-related lump-sum turnkey (LSTK) operations.

The contract was signed on August 30, with the award announced on Monday through a filing on the Saudi Exchange.

Under the agreement, Arabian Drilling will provide 11 land rigs for Gas LSTK operations. The rigs are the incumbent units currently deployed under the previous Gas LSTK project with SLB.

The contract is expected to contribute to Arabian Drilling’s revenues from the third quarter of 2026 and will support continued utilisation of the company’s land drilling fleet throughout the five-year contract period.

The company said the new agreement would help maintain utilisation of its land rig fleet and provide revenue visibility over the duration of the contract.

SLB is one of the major shareholders of Arabian Drilling, making it a related party to the transaction.

The contract comes as Saudi Arabia continues to expand its natural gas production capacity as part of efforts to diversify its energy mix and meet rising domestic demand for gas.