“ADES” subsidiary signs an agreement to purchase a jack-up drilling platform in a joint area between Malaysia and Thailand

ADES Holding announced that its directly owned subsidiary, ADES International Holding Limited, has signed an asset purchase agreement to purchase a distinctive jack-up drilling platform from Vantage Drilling International Limited (Vantage Drilling), which is contracted in the joint development area between Malaysia and Thailand, for a total value of 393.75 million riyals, equivalent to (105 million dollars).

The company said in a statement today on “Tadawul” that the acquisition is a strategic step aimed at strengthening ADES’s presence in the Southeast Asia region, which is characterized by a promising horizon for achieving strong growth rates in production in light of the high demand for jack-up platforms in the markets.

It explained that the terms of the deal include:

1- It was agreed that 10% of the total value of the deal will be paid upon signing the sale and purchase agreement, and the remaining total value will be paid upon completion of the deal.

2- Obtaining the required regulatory approvals in the Kingdom of Saudi Arabia

Indicating that the acquisition of this platform and the Suhanah platform will enhance ADES fleet in the India and Southeast Asia region, as the number of ADES jack-up drilling platforms in the region will increase to seven jack-up platforms spread across Indonesia, Thailand, India and a new operating area in the joint development area of ​​two important countries for ADES and its entry into the tenth country.

This deal will add to the 49 offshore assets currently owned by ADES Group with the aim of continuing to grow globally through its current presence in nine countries.