Kuwait Oil Co (KOC) has awarded nine contracts totaling KD971mn ($3.16bn) to a combination of local and international drilling contractors as part of a plan to procure 44 new drilling rigs over five years.

According to a 26 May report by local daily al-Anbaa, the awards were made on 19 May for some 27 new rigs of different hydraulic horsepower capacities. The largest single contract at KD194mn ($631mn) went to United Precision Drilling, a Kuwaiti JV grouping local United Oil Projects and Saudi driller ADES. In a statement on Saudi Arabia’s Tadawul, ADES says the award is for six rigs, with contracts expected to commence over 2Q-3Q 2025 for five years, with a one-year optional extension. (CONTINUED - 227 WORDS)