Saudi oil and gas drilling contractor ADES Holding has signed a contract renewal with Aramco for one of its previously suspended offshore jack-up.
The unit was among the suspended rigs that were previously operating in the Kingdom of Saudi Arabia.
The contract renewal is for a firm duration of 10 years, adding significant long-term revenue visibility and backlog sustainability, according to the company. The total backlog for the renewal is estimated at $429 million (SAR 1.61 billion).
The rig is currently fulfilling a contract commitment in Thailand, ADES noted.
“We are pleased to have secured this 10-year renewal for one of our rigs in Saudi Arabia, particularly as it represents the re-contracting of a unit that was suspended in the Kingdom and is currently operating in Thailand.
“This renewal reflects the strength of our long-standing relationship with our client in the Kingdom of Saudi Arabia and is a testament to ADES’ proven operational excellence and commitment to safety. The contract adds substantial long-term backlog, enhancing revenue visibility and profitability, and further supporting the group’s sustainable growth strategy,” said Mohamed Farouk, CEO of ADES Holding.
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