ADES Holding pens SAR 350m deal with TotalEnergies

ADES Holding pens SAR 350m deal with TotalEnergies

Riyadh – Mubasher: ADES Holding Company inked a SAR 350 million contract for offshore drilling services with TotalEnergies, according to a bourse disclosure. The two parties signed the deal on 5 May for one year and 18 months for a jack-up rig in Qatar. On 4 April, the Tadawul-listed received a letter of award for the joint project. Meanwhile, the operations are expected to commence in the second half (H2) of 2024. CEO of ADES Holding, Mohamed Farouk, commented: “New capacities made available have allowed us to quickly find a technically suitable unit to maintain our three-rig presence in Qatar following the planned departure of our jackup rig, Emerald Driller, from Qatar to Indonesia in H2-24.” ADES Holding recently announced a SAR 161 million project contract with Egypt-based Suez Oil Company (SUCO) to use a standard jack-up unit from the Saudi company’s fleet.

ADES Holding pens SAR 350m deal with TotalEnergies