ADES Holding has secured three-year contracts from India's Oil and Natural Gas Corporation Limited (ONGC) for two jack-up drilling rigs, with a combined firm contract value of approximately $117.2 million (SAR 439.6 million).
The awards cover the standard jack-up rigs Key Singapore and Admarine 10, each contracted for a three-year firm period.
Operations under the new contracts are expected to begin by the end of the first quarter of 2027, following the completion of the rigs' existing drilling campaigns by the end of the fourth quarter of 2026.
The combined contract value includes mobilization fees for both rigs.
The awards strengthen ADES' contracted drilling activity in India and provide further visibility over its international contract backlog.
“We are pleased to further strengthen our longstanding relationship with ONGC, one of the world’s leading national energy companies and a key client for ADES in India.
“These awards reflect the strength of our partnership, our proven operating track record in the country, and the continued confidence of our clients in ADES’ ability to deliver safe, reliable and efficient drilling services,” said Mohamed Farouk, CEO of ADES Holding.