Drilling rig contractor ADES International has secured a contract for its ADMARINE 262 jack-up rig.
The MENA-focused drilling contractor, which owns 13 jack-up drilling rigs, said Tuesday it had been awarded a contract renewal for the ADMARINE 262 drilling unit.
The ADMARINE 262 renewal has a five-year tenure, which will be effective upon the expiry of the current contract in April 2020, and will have a higher daily rate, ADES said, without disclosing the day rate.
According to Bassoe Analytics, the rig is operating in Saudi Arabia for Saudi Aramco. The Norwegian rig broking company has estimated the day rate for the new contract with Saudi Aramco at around $75,000.
Mohamed Farouk, Chief Executive Officer of ADES said, "[The contract renewal] further supports our presence in KSA and underpins ADES's track record for securing renewals for our fleet which results in greater backlog visibility."
The ADMARINE 262 rig is a LeTourneau Class 82 SD-C type jack-up, built in 1982. It was previously owned by Hercules Offshore, a U.S. offshore drilling company which went bust a few years back.