Saudi Driller Set for Expansion in Qatar with $93.3 Million Jack-Up Rig Contract

Saudi Driller Set for Expansion in Qatar with $93.3 Million Jack-Up Rig Contract

Arabian Post -Saudi Arabia’s ADES, a prominent drilling services firm, has secured a significant contract worth $93.3 million to operate a jack-up rig in Qatar. The agreement, awarded by French energy giant TotalEnergies, marks a strategic move for ADES, solidifying its presence in the Qatari oil and gas market. The contract, detailed in a statement to the Saudi Stock Exchange (Tadawul), includes a mandatory operational period with an optional […]

via Saudi Driller Set for Expansion in Qatar with $93.3 Million Jack-Up Rig ContractArabian Post -

Saudi Arabia’s ADES, a prominent drilling services firm, has secured a significant contract worth $93.3 million to operate a jack-up rig in Qatar. The agreement, awarded by French energy giant TotalEnergies, marks a strategic move for ADES, solidifying its presence in the Qatari oil and gas market.

The contract, detailed in a statement to the Saudi Stock Exchange (Tadawul), includes a mandatory operational period with an optional extension of up to 18 months. This extended timeframe signifies TotalEnergies’ confidence in ADES’s capabilities and paves the way for a potentially long-term partnership.

The project is slated to commence in the latter half of 2024 and will involve utilizing a jack-up rig from ADES’s existing fleet of offshore drilling units.