HOUSTON (dpa-AFX) - Halliburton Co. (HAL), on Thursday announced that it was awarded lump sum turnkey or LSTK contracts by Saudi Arabian Oil Co. (2222.SR) for its onshore oil re-entry program in multiple fields across Saudi Arabia.
The company said multi-year contracts cover approximately 285 planned wells and include oil re-entry operations, drilling, completions, and workovers under a fully integrated execution model.
The contracts have a three-year base term with options to extend for up to two additional years.
The company said the awards expand its role in Aramco's onshore program.
The deal is expected to support efficient well delivery while lowering drilling and completion costs.
In the pre-market trading, Halliburton is 0.28% lesser at $35.15 on the New York Stock Exchange.
Saudi Arabian Oil is currently trading 0.15% higher at SAR 26.68 on the Saudi Stock Exchange.
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