Ades Holding renews drilling contract: Tadawul-listed energy player Ades Holding snapped up a 10-year renewal contract for one of its key standard offshore jack-up rigs from an undisclosed major national oil company, according to a statement (pdf). The total backlog value for the resumption is estimated at nearly SAR 1.1 bn (USD 290 mn), according to a disclosure to Tadawul.

What we know: The rig was among six units operating in the Kingdom that were previously suspended. Ades Holding is yet to confirm the rig commencement date; as of now, the jack-up rig is completing a medium-term contract in Egypt.

Looking ahead: Ades Holdings looks 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,” CEO Mohamed Farouk said.

SOUNDS FAMILIAR? The firm secured 10-year renewals from Aramco back in October for two of its Saudi onshore rigs — Ades 13 and Ades 14 — which have been in service since 2019. The contract was valued at around SAR 946 mn.

Expanding into new markets: The firm was awarded a SAR 1 bn offshore jack-up drilling contract by PTTEP Energy Development in the Gulf of Thailand in December. The contract spans five years with an optional three-year extension. It also closed six new onshore contracts for drilling services with the Kuwait Oil Company worth a combined SAR 2.4 bn in August.

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