ADES renews Saudi offshore contract for 10 years

ADES Holding's jack-up rig

ADES Holding Co. renewed the contract for one of its suspended offshore platforms in Saudi Arabia for a period of 10 years, at an estimated cumulative value of SAR 1.09 billion ($290 million).

 

This is one of the six platforms that ADES had earlier suspended in Saudi Arabia, ADES said in a statement to Tadawul.

 
 

The contract renewal should strengthen the group's local operational outlook, it added.

 

This step will significantly enhance its revenue visibility and reinforce the sustainability of its backlog.

 

The statement highlighted that the platform is currently booked for a medium-term contract in Egypt. The commencement date of operations in Saudi Arabia will be confirmed later with the client.

 

In April 2024, ADES suspended the operations at five of its 33 offshore jack-up rigs in the Kingdom, for a period extending up to 12 months, Argaam data showed.

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