ADES inks SAR 354M offshore drilling services contract in Thailand

14/05/2024 Argaam
One of ADESjack-up rigs

One of ADES jack-up rigs

ADES Holding Co. signed on May 13 a contract to operate an offshore jack-up rig in Thailand with PTTEP Energy Development Co. Limited (PTTEP) for nearly SAR 354 million, according to a statement to Tadawul.

 

The contract is valid for 18 months with an option for a nine-month extension, the statement added.

 

Work will start in the second half of 2024, ADES added, noting that there are no related parties to the contract.

 

In March, the company received a letter of intent (LOI) from PTTEP for a jack-up drilling contract in Thailand at a total value of SAR 354 million, data compiled with Argaam showed.

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