Riyadh – Mubasher: ADES Holding Company inked a contract for offshore drilling services for its jackup rig, Aquamarine Driller, with QatarEnergy.
The two parties signed the agreement on 2 September, with an estimated backlog of SAR 808 million ($215 million), according to a bourse filing.
The multi-year contract extension follows the May 2025 extension of Sapphire Driller and marks the second long‑term award secured in Qatar this year.
It aligns with the Saudi group’s strategy to secure long-term relationships in strategic markets in the Middle East.
Meanwhile, the extension is for four years, with three additional one-year options.
At the end of June 2025, the company’s net profits declined to SAR 388.36 million from SAR 402.97 million a year earlier.
