ADES Holding Company, part of Saudi Arabia-headquartered ADES Group, has landed a long-term contract renewal in the Kingdom of Saudi Arabia (KSA), which allows another one of its previously suspended jack-ups to return to work with Aramco, a Saudi energy giant.
The signing of this contract renewal for ADES’ offshore jack-up rig comes shortly after the rig owner secured another contract renewal in Saudi Arabia for one more jack-up rig, which was also among the ones Aramco suspended last year.
The latest contract renewal is for a firm duration of ten years, which is expected to add significant long-term revenue visibility and backlog sustainability. This rig is currently fulfilling a contract commitment in Thailand. The total backlog for the renewal is estimated at SAR 1.61 billion ($429 million).
Dr. Mohamed Farouk , CEO of ADES Holding, highlighted: “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 KSA 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.”
ADES expanded its area of operations at the start of 2025 with a new country entry, thanks to an offshore drilling job off the coast of Nigeria, marking the firm’s entrance into West Africa. The firm also added two rigs from Vantage Drilling to its fleet.