Arabian Drilling and Shelf Drilling Announce MOU for Strategic Alliance in International Offshore Drilling

18 Feb 2025 06:07 CET

PRESS RELEASE

Arabian Drilling and Shelf Drilling Announce MOU for Strategic Alliance in
International Offshore Drilling

• Arabian Drilling and Shelf Drilling to work together on international rig
deployment
• Arabian Drilling to provide access to certain of its premium offshore rigs
• Shelf Drilling to use its international footprint to source new rig contracts
• Arabian Drilling to develop an international presence and Shelf Drilling to
strengthen its position in core markets

Al Khobar (Kingdom of Saudi Arabia) and Dubai (UAE), 18 February 2025: Arabian
Drilling and Shelf Drilling, Ltd. (“Shelf Drilling”) announced today the signing
of a Memorandum of Understanding (“MOU”) with the intention of forming a
strategic alliance (the “Alliance”) which aims to deploy some of Arabian
Drilling’s premium jack-up rigs internationally and expand the reach and
capabilities of both companies.

Arabian Drilling (Saudi Stock Exchange “XSAU”: 2381) is the largest onshore and
offshore drilling company in Saudi Arabia by fleet size.

Shelf Drilling (Oslo Stock Exchange “OSE”: SHLF) is a leading international
shallow water offshore drilling contractor with rig operations across the Middle
East, Southeast Asia, India, West Africa, the Mediterranean and the North Sea.

The Alliance

Under the Alliance, Arabian Drilling will gain access to Shelf Drilling’s
extensive international operating platform and diverse customer relationships.
Shelf Drilling will seek to use 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.

Ghassan Mirdad, CEO of Arabian Drilling, commented: “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. We see a strong cultural fit and a
common focus on the highest Health, Safety and Environmental standards. The
Alliance is an exciting new opportunity to create value.”

Greg O’Brien, CEO of Shelf Drilling, commented: “The Alliance marks a
significant step in our commitment to delivering operational excellence and
best-in-class services to our customers. By leveraging Shelf Drilling’s
extensive international presence, unique focus on safety, and fit-for-purpose
business strategy with Arabian Drilling's premium jack-up rigs, we are
well-positioned to unlock new opportunities in our core markets and drive value
for our stakeholders.”

About Arabian Drilling
Arabian Drilling was established in 1964 and is the leader in the drilling
sector in Saudi Arabia with a large fleet of onshore and offshore rigs for oil
and gas. The founders and majority shareholders are the Industrialization &
Energy Services Company (“TAQA”), a Saudi joint stock company and SLB
(previously known as Schlumberger), a global leader in oilfield services.
Arabian Drilling serves clients including Aramco, Al-Khafji Joint Operations
(“KJO”), SLB and Baker Hughes. The company is listed on the Saudi Stock Exchange
under the symbol “2381”. Additional information about Arabian Drilling can be
found at https://www.arabdrill.com/

About Shelf Drilling
Shelf Drilling is a leading international shallow water offshore drilling
contractor with rig operations across the Middle East, Southeast Asia, India,
West Africa, the Mediterranean and the North Sea. Shelf Drilling was founded in
2012 and has established itself as a leader within its industry through its
fit-for-purpose strategy and close working relationship with industry leading
clients. The company is incorporated under the laws of the Cayman Islands with
corporate headquarters in Dubai, United Arab Emirates. The company is listed on
the Oslo Stock Exchange under the ticker “SHLF”. Additional information about
Shelf Drilling can be found at www.shelfdrilling.com.

Contact Details
Arabian Drilling:
Investor Relations: ir@arabdrill.com
Media: media@arabdrill.com

Shelf Drilling:
Investor Relations: investor.relations@shelfdrilling.com

Disclaimer:
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "aim", "expect",
"anticipate", "intend", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although Arabian Drilling and Shelf Drilling believe that these
assumptions were reasonable when made, these assumptions are inherently subject
to significant known and unknown risks, uncertainties, contingencies, and other
important factors which are difficult or impossible to predict and are beyond
their control. Such risks, uncertainties, contingencies, and other important
factors could cause actual events to differ materially from the expectations
expressed or implied in this release by such forward looking statements.
Forward-looking statements speak only as of the date they are made and cannot be
relied upon as a guide to future performance. Arabian Drilling, Shelf Drilling,
and their respective affiliates expressly disclaim any obligation or undertaking
to update, review or revise any forward-looking statement contained in this
announcement whether as a result of new information, future developments or
otherwise. The information, opinions and forward-looking statements contained in
this announcement speak only as at its date and are subject to change without
notice.

More information:
Access the news on Oslo Bors NewsWeb site