Riyadh – Mubasher: ADES Holding Company has secured contract renewals for its ADES 13 and ADES 14 onshore rigs operating in Saudi Arabia for nearly SAR 946 million.
ADES Holding and Saudi Arabian Oil Company (Aramco) inked the deal for onshore drilling services on 10 October 2024, according to a bourse disclosure.
The 10-year extension for ADES 13 and ADES 14 rigs will commence immediately upon expiry of the rigs’ current firm tenor.
Mohamed Farouk, CEO of ADES Holding, said: “These rigs have been operating in the Kingdom since 2019, during which they delivered a robust operational and safety performance, and the new long-term renewals will allow us to continue providing our valued client with ADES’ best-in-class service.”
“These onshore awards strengthen the sustainability of our business in KSA and provide the Group with long-term revenue visibility while strengthening the Group’s outlook for its business in the Kingdom,” Farouk added.
Last month, ADES International Holding Limited, a unit of ADES Holding, announced plans to purchase the rigs from Vantage Drilling International Limited for SAR 393.75 million.
