Abraj Energy wins over $220m Oxy Oman rig contract extensions
MUSCAT, 6 hours, 35 minutes ago
Oman-based Abraj Energy Services has announced that it has won contract extensions for four of its drilling rigs project from Occidental Oman (OXY). The total value of these contract is more than RO85 million ($220.3 million).
This extension includes an additional five-year period, extending until August 2030, said Abraj Energy Services in its filing to Muscat Stock Exchange.
It comes as a result of Abraj’s outstanding operational performance and its firm commitment to the highest standards of operations, health, safety, and the environment, it stated.
Abraj said this long-term extension reflects the strengthening of the strategic partnership between the two companies and represents an important step toward reinforcing the Omani company’s financial sustainability through revenue visibility and continued growth in the energy services sector in the sultanate.
The company remains commited to delivering specialised and integrated solutions in well engineering and energy services, and supporting Oman’s aspirations in developing the energy sector, it added.-TradeArabia News Service
