ADES signs 10-year renewal for previously suspended jackups

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

The contract renewal is for a firm duration of ten years. The standard jackup is currently fulfilling a medium-term contract in Egypt.

“We are very pleased to have secured this renewal for our unit in KSA, particularly as it was among the six previously suspended rigs in the kingdom," said Mohamed Farouk, CEO of ADES Holding.

“This 10-year renewal, and similar ones recently secured in the kingdom, added a significant amount of long-term backlog to the group, promoting business sustainability and increased revenue visibility.

"The group also plans to continue focusing on securing further renewals and backlog additions in our key markets to boost long-term revenue visibility, and to capitalize on the prevailing tightness in the global offshore jack-up market.”

ADES has a fleet of 91 rigs across eleven countries, including 40 onshore drilling rigs, 48 jackup offshore drilling rigs, two jackup barges, and one mobile offshore production unit.