ADES International Holding has secured two onshore drilling contracts in Saudi Arabia, the oil and gas drilling and production services provider said in a statement.
Each of the secured contracts has tenure of seven years that will add a total estimated backlog of $150 million, the statement said.
Operations are due to commence in second half of 2019.
The group will order two new-build onshore rigs that meet the contract specifications for a total cost of up to $45 million.
“Our organic growth is in line with our strategy post the recent acquisitions and we expect to generate a strong return on this investment whilst delivering excellent customer service and value for money for our client,” Dr. Mohamed Farouk, CEO of ADES International Holding, said.
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