ADES awarded contract extension for standard jackup rig

ADES Holding Company has announced that it has secured a 10-year contract extension for one of its standard jackup drilling rigs operating in the Kingdom of Saudi Arabia. The contract term is expected to start in Q3 2024 immediately upon the current contract’s expiration.

The extension is for ADES’ jackup drilling rig Admarine 657, which is currently operating in the Kingdom of Saudi Arabia. Total backlog from the extension is estimated at $351 million.

“We are pleased to have secured this renewal for Admarine 657 with our client in KSA,” said Dr. Mohamed Farouk, CEO of ADES Holding. “The extension comes at a time when the offshore jackup market is witnessing severe tightness, and a 10-year extension adds a considerable amount of backlog.”