ADES gets LOI for SAR 354M contract to operate jack-up rig in Thailand

24/03/2024 Argaam
One of ADESjack-up rigs

One of ADES jack-up rigs

ADES Holding Co. received a letter of intent (LOI) from PTTEP Energy Development Co. Ltd. (PTTEP) for a jack-up drilling contract in the Gulf of Thailand at a total value of SAR 354 million.

 

In a statement to Tadawul, the company said that the project was awarded on March 22, where the contract comprises an 18-month firm term plus a nine-month optional extension.

 

No related parties are included in the deal, the statement added.

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