OIL WATCH-

Ades Holding secures extension for its rig operations in Egypt: Tadawul-listed energy player Ades Holding secured an extension for three of its offshore jack-up rigs operating in Egypt — contracted from the General Petroleum Company (GPC) — according to a statement (pdf). The total backlog value for the resumption is estimated at nearly SAR 673.5 mn (USD 179.6 mn).

The details: The contracts for two of the three rigs — Admarine three and Admarine six — were extended for one year, slated to commence between 2025 and 2026, with an option to extend for an additional year. The third jack-up rig — Admarine five — saw its contract extended for a firm three years, effective immediately, with an option to extend for an additional year as well.

Ades is on a roll: 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 earlier this week. 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.

ENTERTAINMENT-

Accesso Technology Group was selected as the guest experience technology provider for the Qiddiya gigaproject, according to a press release. Accesso’s Horizon platform will be deployed across Qiddiya’s attractions — starting with Six Flags Qiddiya and Aquarabia — serving as a unified system for ticketing and visitor management, with integration capabilities for partner technologies.

REMEMBER- Six Flags Qiddiya City and Aquarabia Water Theme Park are slated to open in late 2025 under the management of the US-based Six Flags Entertainment, which signed an agreement with Qiddya Investment in February to oversee operations.

M&A WATCH-

Chemanol is investigating two previous acquisitions: Tadawual-listed Methanol Chemicals’ (Chemanol) enlisted an advisor to investigate the 2024 acquisitions of Dar Chemicals and the International Chemical Industries worth a combined SAR 124 mn, it said in a disclosure to Tadawul. No further information was provided.

ICYMI- Chemnol saw its net losses widen 53.1% y-o-y to SAR 272.3 mn in 2024 due to rising feedstock costs and a decline in the selling prices of its major products.

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