RigCo Extends AD110 Jackup Charter in Saudi Arabia
Keppel subsidiary Rigco Holding secures a five-year bareboat charter extension with Arabian Drilling Company for the AD110 rig.
Updated on Nov. 2, 2026 in Oil and Gas
RigCo Holding, an indirect subsidiary of Keppel, has secured a bareboat charter extension for the AD110 jackup with Arabian Drilling Company. The extension runs about five years, covering 2026 to 2030, and continues the rig's prior contract.
Why it matters
The extension keeps the AD110 working for Arabian Drilling Company's client in Saudi Arabia for an extended period. Solid jackup utilization and dayrates since 2022, combined with very little new jackup supply under construction, underpin the demand for rigs like this one.
The bareboat charter extension covers about five years, running from 2026 to 2030 as a direct continuation of the AD110's prior contract. The source does not disclose the dayrate or total contract value.
The players
RigCo Holding
An indirect subsidiary of Keppel, the Singapore-based conglomerate, that owns and charters offshore drilling rigs.
Arabian Drilling Company
A Saudi Arabian drilling contractor that operates rigs for oil and gas clients in the Kingdom.
The details
The AD110 jackup is working in Saudi Arabia for Arabian Drilling Company's client under a bareboat charter that was first secured in 2022. RigCo has now extended that arrangement for roughly five years.
Timeline
2022: The AD110 was deployed to Saudi Arabia under bareboat charter arrangements.
2026 to 2030: The bareboat charter extension runs about five years.
Market Landscape
Jackup utilization and dayrates have stayed solid since 2022, and very little new jackup supply is under construction. The AD110's extension follows that pattern, keeping an existing rig working rather than adding new capacity to the market.
For readers tracking the offshore drilling sector, the extension signals that existing jackups in the Saudi market are staying under contract through 2030. Investors and industry watchers can expect continued stability in rig employment rather than a near-term surge in new supply.
The takeaway
Long-term charters like this one give drilling contractors predictable revenue while tight jackup supply keeps existing rigs in demand. Watch whether similar extensions follow across the region as contracts come up for renewal.
Further reading
For more on how offshore drilling demand is shaping the sector, explore the Oil and Gas section.
