Ades Holding Co. Secures Letter of Intent for $94 Million Jack-up Rig Operation in Thailand

On Sunday, Ades Holding Co. disclosed its acquisition of a letter of intent (LOI) for a lurative contract, valued at approximately 354 million riyals ($94 million), to manage a jack-up offshore drilling rig in Thailand. The anticipated contract spans 18 months, featuring an optional nine-month extension, for deploying an elevated offshore drilling platform. The engaging entity for this promising venture has been identified as PTTEP Energy Development Company Limited (PTTEP).