ARO Drilling announced it has been awarded four three-year contracts by Saudi Aramco. To fulfill the contracts, ARO Drilling will lease the EXL I, EXL IV, Bess Brants and Earnest Dees from Rowan Companies (Rowan) through a bareboat charter lease mechanism.
The estimated commencement of the contracts is during the third quarter 2018 for the EXL I and EXL IV, and late 2018 or early 2019 timeframe for the Bess Brants and Earnest Dees. Rowan will prepare the rigs for operations, including all contractually required modifications, and then lease the rigs to ARO Drilling for operations in Saudi Arabia. The contracts for the four rigs have been awarded and are in the process of being finalized.
The Bess Brants and Earnest Dees departed Brazil onboard the Dockwise Mighty Servant 1 heavy lift vessel on April 28 and are expected to arrive in the Middle East in June 2018.
ARO Drilling is a provider of contract drilling services with a fleet of five self-elevating jack-up rigs. Two additional rigs will be added in late 2018. Additionally, ARO Drilling has committed to purchase twenty jack-up rigs to be constructed by a Saudi Aramco manufacturing joint venture that are expected to be delivered between 2021 and 2030.