ADES renews 10-year platform contract with Aramco for SAR 1.61B

ADES Holding's jack-up rig

ADES Holding Co. renewed on May 18 the contract for one of its offshore platforms with Saudi Aramco for a period of 10 years, at an estimated cumulative value of SAR 1.61 billion ($429 million).

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The extension includes a firm duration of four years, with three additional one-year options, allowing up to three years extension.

The total cumulative value, including optional extensions, is estimated at SAR 816 million ($217.6 million). The renewal comes at a better daily rate.

The contract adds significant revenue visibility and strengthens backlog sustainability, further supporting ADES’ long-term growth trajectory in the region.

The contract’s financial impact will be immediate, the statement said.