Record Revenue For ADC In 2002 Despite Rig Activity Decline
The Arabian Drilling Company a joint venture owned 51% by Petromin and 49% by Services Petroliers Schlumberger recorded annual gross revenue in 2002 that was 94% of plan due to the expiry (without re-tender) of the AD3/4 contracts and the loss of jack-up AD19 rig in an accident in the Gulf last September (MEES, 14 October 2002). Nevertheless, the corresponding net revenue was SR82.5mn ($22mn),...
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