ADES subsidiary acquires shares of Soehanah jack-up rig’s owning entity

ADES Holding's jack-up rig

ADES Holding Co.’s subsidiary, ADES International Holding Ltd., completed its direct asset acquisition of Rig Finance Ltd. (RFL)’s entire shares in the Soehanah jack-up rig in Indonesia for $85 million (SAR 318.75 million).

RFL is the owning entity of the Soehanah jack-up rig.

The acquisition was concluded following the satisfaction of all conditions precedent under the sale and purchase agreement (SPA), which was earlier signed by ADES International on Sept. 9.

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It was previously agreed to pay 10% of the deal’s value upon signing the agreement, while the remaining amount would be paid upon its completion.

The acquisition of this jack-up rig, along with the buyout of the TOPAZ jack-up rig contracted in the Malaysia-Thailand Joint Development Area (JDA), is bound to enhance ADES fleet in India and Southeast Asia.

Accordingly, the number of the company’s jack-up rigs in the region will rise to seven spreads in Indonesia, Thailand and India, besides a new operating zone in the joint development area of two key countries for ADES.

The deal will also grant ADES’ entry into a new country, bringing the number of countries hosting ADES business to 10.

This transaction will add to the 49 offshore rigs originally owned by the company, reinforcing its global business growth through its current presence in nine countries.