Arabian Drilling Company, a leading oil and gas field services company in Saudi Arabia, announced a significant leadership change in its senior management. The company's board of directors approved the resignation of the current CEO, Mr. Ghassan bin Abdulaziz Mardad, and appointed Mr. Fahad bin Abdullah Al-Bani as his successor.
In an official statement published on the Saudi Stock Exchange (Tadawul), the company clarified that Mr. Mirdad's resignation was due to personal reasons and is effective from August 21, 1447 AH (corresponding to February 9, 2026). Based on a recommendation from the Nominations and Remuneration Committee, the Board of Directors appointed Mr. Fahad Al-Bani as the new CEO, effective the following day, August 22, 1447 AH (corresponding to February 10, 2026).
Historical context and importance of the Arabian Drilling Company
Arabian Drilling Company was established in 1964 as a joint venture between Energy and Industrial Services Company (TAQA) and Schlumberger, becoming a cornerstone of the Saudi energy sector over the decades. The company plays a vital role in supporting the exploration and production operations of its strategic client, Saudi Aramco, making it a key contributor to achieving the Kingdom's energy objectives. With its successful listing on the Saudi Stock Exchange (Tadawul), the company has gained further prominence among local and international investors, and its management decisions are now under close scrutiny.
The importance of leadership change and its expected impact
This change comes at a pivotal time for the global and local energy sector, as the Kingdom moves towards achieving the goals of Vision 2030, which focuses on enhancing production efficiency, localizing industries, and supporting local content. The appointment of Mr. Fahad Al-Bani, with his extensive experience in the oil and gas sector, is seen as a strategic move to ensure the company's continued growth and its adaptability to future market changes.
Domestically, the new leader is expected to continue the company’s expansion and modernization of its fleet of onshore and offshore drilling rigs, in line with Saudi Aramco’s plans to increase production capacity. Regionally, the stability and growth of a company the size of Arabian Drilling reinforces the Kingdom’s position as a leading energy services hub in the Middle East. This smooth leadership transition sends a positive message to investors and markets, underscoring the strength of the company’s corporate governance and long-term strategic planning.
It is worth noting that Mr. Ghassan Mirdad led the company through a pivotal period that included a successful initial public offering, contributing to establishing its position as a leading and trusted player in its sector. Mr. Al-Bani is expected to build upon these successes to guide Arabian Drilling into a new phase of growth and innovation.
