ADES Signed off Contract for 6 Onshore Drilling Rigs Operation Amounted to SAR 2.42 Billion

ADES Holding Company announced on Monday the completion of signing off a Contract to operate 6 onshore drilling rigs in Kuwait with the Kuwait Oil Company (KOC), for approximately SAR 2.42 billion.

According to a statement published on “Tadawul”, the new contract includes new agreements to operate 4 of the company’s current operating rigs in Kuwait, in addition to agreements to operate 2 newbuild rings.

The company expected to commence work on the rigs’ Contracts during the 2nd and 3rd quarters of 2025, and extend for a 5-year confirmed period with the possibility of 1-year optional extension.