Tadawul-listed energy player Ades Holding has secured 10-year renewals from Aramco for two of its Saudi onshore rigs, Ades 13 and Ades 14, which have been in service since 2019, according to a press release (pdf). The renewal contract is valued at some SAR 946 mn, the company said in a disclosure to Tadawul. The filing did not disclose the current contract’s expiry date.

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What they said: “These onshore awards strengthen the sustainability of our business in KSA and provide the Group with long-term revenue visibility, while strengthening the Group’s outlook for its business in the Kingdom,” Ades CEO Mohamed Farouk said.

Snapshot of 2Q 2024 earnings: Ades’ net income rose 90% y-o-y to SAR 202 mn in 2Q 2024 while its revenues were up 48.7% at SAR 1.5 bn during the same period. On a 1H basis, Ades’ bottom line more than doubled y-o-y to SAR 403 mn, while revenues grew 54.3% y-o-y to SAR 3.1 bn. The firm attributed its improved performance in the first half of this year to a boost in revenues from its businesses in Saudi Arabia, Kuwait, Algeria, and Tunisia.

IN OTHER ENERGY NEWS-

#1- UK-based KCA Deutag has extended four Saudi rig contracts valued at a total of USD 352 mn, it said in a statement. The contracts range between 5 to 10 years and are part of a USD 900 mn backlog the drilling company recently secured across Saudi, Oman, Pakistan, Angola, and Europe.

#2- GCC energy consortium bids for NCP and Zatca’s Rub’ al Khali Power Plant Project: The National Center for Privatization & Public Private Partnerships (NCP) has identified Saudi’s Alfanar and The Olayan Group, UAE’s Siraj Power for Renewable Energy, and Bahrain’s Lamar Holding as qualified bidders for the Rub’ al Khali power plant project, according to TradeArabia. The project will follow a design, build, finance, operation, maintenance, and transfer model, and will cover construction and 25 years of operations and maintenance. NCP is collaborating with the Zakat, Tax, and Customs Authority (ZATCA) on the initiative.

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