Ades secures North Sea extension, defense pact for Saudi Chemical, Amlak extends SAR 1.1 bn loan

Ades locks in longer-term Dutch North Sea rig pact

AdesHolding extended its one-year Dutch North Sea contract with Tenaz Energy into a three-year firm commitment, according to a press release (pdf). The extended contract keeps two additional one-year options and carries a total potential contract value of SAR 832.24 mn (USD 221.93 mn). The contract began in mid-November 2025 and was initially structured as a one-year firm term with two optional one-year extensions.

Adding the Netherlands to an Africa- and Asia-focused year: Ades partnered this year with Seplat Energy to provide offshore drilling services in Nigeria for SAR 347.6 mn (USD 92.7 mn), after agreeing to deploy premium rigs for the West African Exploration for SAR 2.73 bn, and providing similar services in Thailand for Valeura Energy under an SAR 345 mn contract.

REMEMBER- Diversified revenue streams, expansion into new markets, and international rig redeployments are Ades’ game plan for 2026, CEO Mohamed Farouk said in its 1Q results.

Saudi Chemical signs five-year TNT supply agreement

Saudi Chemical unit secures TNT supply agreement: SaudiChemicalCompany Holding subsidiary Saudi Chemical Company inked a five-year agreement with the National Company for Mechanical Systems to supply military materials including trinitrotoluene (TNT), according to a Tadawul disclosure. The agreement covers initial annual quantities based on purchase orders, with a maximum contract value of SAR 742 mn (USD 198 mn).

Amlak keeps SAR 1.1 bn Saib loan in place until 2028

Amlak International Finance renewed its SAR 1.1 bn shariah-compliant loan with the Saudi Investment Bank (Saib) through January 2028, according to a Tadawul disclosure. The facility will support the company’s growth plans and expand its financing capacity, and is backed by assigned receivables and a promissory note.

REMEMBER- The company secured SAR 250 mn in a shariah-compliant loan from Emirates NBD KSA last August. The four-year facility is similarly geared toward supporting Amlak’s operations and boosting its client financing.