VOL. XLIV

No. 28

9-July-2001

SAUDI ARABIA

ADC Reports Net Profit Drop Of 5% In 2000

The Arabian Drilling Company (ADC) a joint venture owned 51% by Petromin and 49% by Services Petroliers Schlumberger has reported a net profit of SR54.0mn ($14.4mn) in 2000, a 5% drop from the previous years SR56.9mn ($15.2mn), mainly due to a non-recurring item unbudgeted customs duties amounting to SR4.0mn ($1.1mn), paid for rig AD-19 and four support vessels. Operating revenue for 2000 totaled SR296.5mn...