ADES Holding Company, Saudi Arabia announce that it has signed a contract renewal for one of its standard offshore jackup rigs in Saudi Arabia and also received notifications of extension for three of its offshore jackup rigs operating in Egypt.
The combined value of the contracts is around USD 470 million.
In Saudi Arabia:
The unit was among the six suspended rigs that were previously operating in the Kingdom of Saudi Arabia (“KSA”).
Key Highlights of the Renewal:
- The contract renewal is for a firm duration of ten years, adding significant long-term revenue visibility and backlog sustainability.
- The standard jackup is currently fulfilling a medium-term contract in Egypt. The renewal is testimony to ADES’ strong and long-standing relationship with its client and further strengthens the Group’s outlook in relation to its business in the KSA.
In Egypt:
The extensions cover three contracted rigs with the General Petroleum Company (GPC): Admarine III and Admarine VI, which have been extended for a firm one-year period with an optional one-year extension expected to commence over the course of 2025 and 2026 upon expiry of their current contracts; and Admarine V, which has been extended for a firm three-year period with an optional one-year extension and is effective immediately.
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