Saudi’s ADES Holding awarded $93.3 million Jackup Drilling Rig Contract

Saudi’s ADES Holding awarded $93.3 million Jackup Drilling Rig Contract

ADES Holding Company (ADES), Saudi Arabia announces that it has received a Letter of Award (LOA) from one of the major International Oil Companies (IOCs) for a one-year firm jack-up drilling contract in Qatar with optional extensions of up to 18 months.

The total contract value from the firm and optional terms is approximately SAR 350 million

The new award follows ADES’ earlier announcement of an imminent opportunity in the region and solidifies ADES’ position in the important Qatari market, reinforcing its regional expansion strategy.

The contract comprises a firm one-year term plus three optional six-month extensions. Operations are expected to commence in the second half of 2024 utilizing one of ADES’ jack-up drilling units. The award by this major IOC will maintain ADES’ market share in Qatar with a three-rig operation after the planned relocation of its Emerald Driller to Indonesia, which is expected to happen in second half of 2024.

Commenting on the LOA, Dr. Mohamed Farouk, CEO of ADES Holding said: “We are very pleased with our ability to quickly market and secure new campaigns for the five recently suspended rigs in KSA. New capacities made available have allowed us to quickly find a technically suitable unit to maintain our three-rig