ADES extends contract with QatarEnergy, backlog estimated at SAR 808M

ADES Holding's jack-up rig

ADES Holding Co. announced the multi-year extension of its jack-up rig "Aquamarine Driller" contract with QatarEnergy.

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The total cumulative value of the firm period and optional extensions is estimated at SAR 808 million ($215 million).

In a statement on Tadawul, ADES announced that this extension follows the earlier renewal of its jack-up rig "Sapphire Driller" in May 2025, marking the company’s second long-term contract extension in Qatar this year.

The company clarified that the extension includes a firm period of four years, with the option to extend three additional times for one year each, bringing the total possible extension to up to three years. The contract was signed on Sept. 2.

The extension is effective immediately, ADES noted, adding that there are no related parties to the deal.

The company highlighted that this multi-year contract in Qatar aligns with its strategy to build long-term relationships in key strategic markets across the Middle East, and reflects continued client confidence in the company’s high safety standards and operational excellence.