Oman’s MBPS has signed a drilling rig contract worth $127.3m with state-owned upstream operator Kuwait Oil Company (KOC).

Under the terms of the deal, MBPS will supply and operate three newly built 1,000-horsepower land rigs for drilling and workover operations, according to a company statement.

The UAE-based oil field services company Adnoc Drilling is a majority shareholder in MBPS.

The chief executive of MBPS, Salim Al-Harthy, said: “This is another important milestone for MBPS and a strong reflection of KOC’s confidence in our capabilities.

“It further strengthens our presence in Kuwait and our commitment to delivering safe, reliable and efficient drilling and workover services across the region.”

He : “My sincere appreciation to KOC for their continued trust, and to our MBPS team for their hard work and dedication in making this possible.”

In October last year, KOC said it planned to spend KD1.2bn ($3.92bn) on its exploration drilling programme through 2030.

The spending was part of a KD9.8bn budget, the company’s biggest ever, allocated for drilling and maintenance of up to 6,193 wells by the end of this decade.