ADES signs agreement with Constellation to execute Petronas contract in Brazil

ADES Holding's jack-up rig

ADES Holding Co. signed a drilling charter agreement for its premium jackup rig, Admarine 511, with Constellation to execute a contract with Petrobras in Brazil.

The total additional backlog for the charter is estimated at SAR 319 million ($85.1 million), including mobilization and demobilization, the company said in a filing to Tadawul.

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The agreement has a confirmed term of 1,143 days (nearly 38 months), with an optional extension of 472 days (nearly 16 months), bringing the potential total term to 4.5 years.

Admarine 511 is currently at the ASRY yard in Bahrain undergoing contract preparation for the Brazil campaign, which is expected to commence in the fourth quarter of 2025.

This agreement marks ADES entry into the Brazilian market, further expanding its global footprint in Latin America through innovative and differentiated business models

With Constellation being responsible for operating the rig in Brazil, the majority of the Charter revenue for ADES will be reflected on the Group’s EBITDA and profitability, the statement added.