ADES Secures Offshore Drilling Rig Contract in the Gulf of Thailand Worth SAR 1.035 Billion

ADES Holding Company announced on Sunday that it has received a Letter of Award (LOA) from PTTEP Energy Development Company Limited (PTTEP) for an offshore jack-up drilling rig operation contract in the Gulf of Thailand.

According to the company’s statement on “Tadawul,” the contract’s total value is approximately SAR 1.035 billion. It covers a confirmed duration of five years, with the possibility of an additional three-year extension.

The contract involves the operation of the Admarine 503 rig, a sister rig to the Admarine 502, which began operations in Thailand during Q3 2024.

Furthermore, ADES announced the resumption of operations for the fourth rig that was temporarily suspended in Saudi Arabia, marking a significant step in the company’s operational expansion and recovery efforts.