ADES signs 10-year renewal for previously suspended jackup

ADES signed a contract renewal for one of its standard offshore jackup rigs. The unit was among the six suspended rigs that were previously operating in the Kingdom of Saudi Arabia.

The contract renewal is for a firm duration of ten years, adding significant long-term revenue visibility and backlog sustainability. The total backlog for the renewal is estimated at $290 million. The standard jackup is currently fulfilling a medium-term contract in Egypt.