North Drilling Signs New Rig Services Contract With South Oilfields Operator

North Drilling Company, ticker HSHM, said in a group-A disclosure published on Saturday, November 7, 2026, that it signed a contract on November 4 with the National Iranian South Oilfields Company for guaranteed purchases of services from four new 2,000-horsepower drilling rigs and ancillary services. The filing states a $159,082,000 foreign-currency component and a separate 56,458,480,300,487-rial ancillary-services component. These are distinct contract amounts, not a sum converted at any assumed exchange rate.

According to Codal filing 1629064, the initial contract term is 69 months from the start of procurement, and advance purchases of rig services are payable in two conditional instalments after a guarantee is submitted. The deal concerns the company's onshore drilling capacity, while the actual start of operations and monthly payments depend on execution and approval of work performed.