ADES Notified of SAR 450 MLN Contract Extension for Three Offshore Platforms in Egypt

ADES Holding Company announced Thursday that it had received notification of the extension of contracts for 3 jack-up offshore platforms in Egypt, worth 450 million riyals.

The company said in a statement today on Tadawul that the contract includes extending the contract for two jack-up offshore drilling platforms (Admarine III and Admarine VI) for a period of two years, while extending the contract for another jack-up offshore drilling platform (Admarine V) for one year with the General Petroleum Company in Egypt.