Saudi oil and gas drilling contractor ADES Holding has signed a contract with Thai national oil and gas company PTTEP for one of its modern jack-up drilling rigs, worth $94 million.
The contract, signed on May 14, 2024, is for an 18-month firm term plus a nine-month optional extension, according to the letter of intent (LOI) agreed by the companies in March 2024.
Operations are expected to commence during the second half of 2024, utilizing one of ADES’ modern jack-up drilling units, the LOI states.
The total contract value from the firm and optional terms is approximately $94.4 million (SAR 354 million), including mobilization, ADES Holding said in March.
“The award by PTTEP reflects the confidence placed in our best-in-class drilling services and our modern jack-up fleet. We are excited about the opportunity to establish a relationship with such an important client and are fully prepared to meet and exceed their expectations in the Gulf of Thailand.
“This award not only anchors our second rig in the Southeast Asian market, but also reaffirms our continued pursuit of diversified growth opportunities in exciting new markets and highlights our ability to provide tailored solutions for clients worldwide,” said Mohamed Farouk, CEO of ADES Holding, following the signing of the LOI.