By OGJ editors
HOUSTON, Feb. 23 -- Saudi Aramco has let four drilling contracts to Al-Rushaid Parker Drilling LLC, a new 50-50 joint venture of Parker Drilling Co., Houston, and Abdullah Rasheed Al-Rushaid Co. for Drilling Oil & Gas Ltd.
Each contract is for 3 years with an option to extend for 1 year.
Al-Rushaid Parker will use new rigs for the drilling. The first rig is scheduled to arrive in Saudi Arabia in the third quarter, the others in the fourth quarter.
The venture has obtained asset-based financing for a major portion of the acquisition costs of the rigs. The remaining acquisition costs, estimated at $20 million, will be funded equally with capital contributions by the partners.
The Saudi partner is a subsidiary of Al-Rushaid Investment Co.