ADES to resume work on multiple drilling contracts

ADES expects operations under the offshore contract to restart in January 2026

ADES Holding Co. said it received notices to resume one of its offshore drilling contracts, along with several onshore drilling contracts in Saudi Arabia.

The company expects operations under the offshore contract to restart in January 2026, it said in a statement to Tadawul.

ADES plans to deploy the Admarine 510 rig for the offshore work. The rig recently secured a contract in Cameroon and is currently undergoing preparations in Bahrain.

At the same time, ADES will deploy the Admarine 501 rig to execute the Cameroon contract once it completes its current six-month assignment in Nigeria, including optional extensions. The company said this provides visibility for the rig’s operations for up to two years.

ADES added that, alongside the offshore resumption, it will restart several onshore rigs in Saudi Arabia that were temporarily suspended, as previously disclosed in its H1 2025 financial results.

The company said the move strengthens its long-term confidence in the domestic market, noting that the return of rigs to operation comes amid strong global market conditions, with jack-up rig utilization above 90% and day rates remaining robust.