One of ADES jack-up rigs
ADES Holding Co. received a letter of award for a project worth SAR 350 million from TotalEnergies Co. to operate a jack-up rig in Qatar, including the mandatory and optional extension periods.
The contract includes a firm one-year term and three optional six-month extensions, the company said in a statement to Tadawul.
The project is expected to start in H2 2024, the statement said, noting that the company will use one of its jack-up drilling units.
The contract will allow ADES to maintain its market share in Qatar by operating three drilling rigs after the planned departure of its Emerald Driller jack-up rig to Indonesia in the second half of 2024.
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