Saudi Aramco has served notices of temporary suspension to two oilfield service contractors.
Aramco has served notices of temporary suspension to two oilfield service contractors, Zawya has reported, citing the companies. According to one of them, Borr Drilling Limited, the suspension will begin this month and last for a year, the report said. Borr Drilling operates the Arabia I rig in Saudi Arabia and said it would look to move the rig elsewhere for the duration of the suspension.
Since then, however, price movements have not always been in a favorable direction for Aramco and its owners. In reaction to the price slump from 2023, the Saudis and their partners in OPEC affected additional production restrictions, which are already bearing fruit, especially in combination with Middle Eastern tensions that traditionally have a bullish effect on prices. A month later, Italy’s Saipem said that it expected the decision to result in 20% lower orders from the Saudi giant.
Aramco Crude Oil Contractors Oilfield Services Suspension Rig
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