ADES wins 6 onshore contracts worth SAR 2.4B in Kuwait

26/05/2024 Argaam

ADES wins 6 onshore contracts worth SAR 2.4B in Kuwait

One of ADES jack-up rigs

ADES Holding Co. said that its subsidiary received a SAR 2.4 billion award for six onshore contracts with Kuwait Oil Co. (KOC).

 

The award includes new contracts for four of the company’s current operating rigs in Kuwait and two newbuild units, ADES added in a statement to Tadawul.

 

All contracts are expected to commence during the second and third quarters of 2025 and will run for a five-year firm term with a one-year optional extension.

 

There are no related parties, ADES noted.

 

The contract marks a three-fold increase in ADES’ contracted fleet with KOC over a 24-month period, rising from four rigs in early 2023 to 12 rigs expected to be operating in Kuwait by 2025.

 

The group currently has 10 onshore rigs operating with KOC in Kuwait.

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