OIL & GAS-

Tadawul-listed oil and gas drilling services provider Ades Holding inked a SAR 1.6 bn (USD 429 mn), 10-year renewal contract with Aramco for one of its offshore jackup rigs, it said in a press release (pdf).

ICYMI- Ades Holding inked a SAR 816 mn, four-year contract extension last week with Qatar-based North Oil Company to continue leasing the Sapphire Driller jackup rig. It also extended contracts in April for three of its offshore jackup rigs operating in Egypt.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

DEBT WATCH-

Tadawul-listed Saudi Ground Services (SGS) lined up a SAR 550 mn shariah-compliant funding agreement with the Saudi National Bank, according to a disclosure to Tadawul. The funding, which runs until the end of 2027, allows SGS to draw up to SAR 450 mn to support its working capital needs, in addition to SAR 100 mn to cover contractual agreements.

ALSO- SGS landed another SAR 300 mn facility with Banque Saudi Fransi to fund its working capital, according to a separate disclosure. The facility expires at the end of April 2026, with an optional one-year extension.

TELECOMMUNICATIONS-

Solutions inks SAR 651.7 mn tech contracts with stc: Arabian Internet Communications Services Company (solutions) signed two five-year contracts worth around SAR 651.7 mn with its parent company, the Saudi Telecom Company (stc), according to a disclosure to Tadawul. The agreements include upgrading IT systems like computing, storage, and databases, and renewing Oracle software licenses.

REMEMBER– STC and Oracle expanded their strategic partnership last week with a SAR 2 bn agreement to advance AI-powered cloud infrastructure and sovereign cloud solutions in the Kingdom. The initiative will be delivered through Oracle’s Alloy platform which is hosted in data centers operated by Center3, stc’s digital infrastructure subsidiary.

FINANCIAL SERVICES-

Badwa Capital can now start operating as an arranger in the securities business, after it secured the Capital Market Authority’s (CMA) approval, according to a statement. The company fulfilled all the regulatory requirements stipulated by the CMA.

STARTUP WATCH-

Aramco’s VC arm, Wa’ed Ventures, and stc Group’s Tali Ventures co-led a USD 19 mn extension round for US-based Network-as-a-Service (NaaS) provider Graphiant, according to a press release. The investment, part of a broader USD 102 mn series B round, includes an agreement for Graphiant to establish its regional headquarters in Riyadh. The round also included participation from Sequoia Capital, Two Bear Capital, and IAG Capital Partners.

About the company: Founded in 2020 by Khalid Raza (LinkedIn), Graphiant provides a modern NaaS platform delivering secure, high-performance connections for hybrid and multi-cloud setups.

DISPUTE WATCH-

CMA authorizes Al Baha to proceed with SAR 100 mn complaint against ex-directors: The Capital Market Authority approved Al Baha company’s request to file its complaint with the Committee for the Resolution of Securities Disputes, according to a disclosure to Tadawul.

REMEMBER- Last week, the company filed a SAR 100 mn compensation claim against former board members who served between February 2010 and February 2013, over a disputed asset sale that led to financial losses and a stock suspension for Al Baha. The recovery includes the reversal of a SAR 84 mn provision and SAR 16 mn in damages. Legal outcomes remain uncertain at this time.

Tags: