ADES Renews Offshore Jackups Contract in Saudi Arabia for SAR 1.08 Billion

ADES Holding Co. announced on Tuesday the signing of a 10-year contract to renew one of its suspended offshore jackup rigs in Saudi Arabia with a Major National Oil Company.
According to a statement on Tadawul, the total cumulative value of the rig contract is estimated at SAR 1.08 billion. The Company added that the rig is currently implementing a medium-term contract in Egypt, and its start-up date will be confirmed later with the customer in the Kingdom.
The Company added, “The contract renewal extends for a confirmed period of 10 years, which will significantly increase the visibility of future revenues and enhance the sustainability of the backlog.”