{"id":109076,"date":"2026-05-18T00:00:00","date_gmt":"2026-05-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=109076"},"modified":"2026-05-18T03:05:41","modified_gmt":"2026-05-18T03:05:41","slug":"ades-secures-north-sea-extension-defense-pact-for-saudi-chemical-amlak-extends-sar-1-1-bn-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/05\/18\/ades-secures-north-sea-extension-defense-pact-for-saudi-chemical-amlak-extends-sar-1-1-bn-loan\/","title":{"rendered":"Ades secures North Sea extension, defense pact for Saudi Chemical, Amlak extends SAR 1.1 bn loan"},"content":{"rendered":"

\n

Ades locks in longer-term Dutch North Sea rig pact<\/p>\n

Ades<\/a><\/strong>Holding<\/a><\/strong> extended its one-year Dutch North Sea <\/strong>contract with <\/strong>Tenaz Energy<\/a><\/strong> into a three-year firm commitment<\/strong>, according to a press release (pdf)<\/a>. 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.<\/p>\n

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

REMEMBER- <\/strong>Diversified revenue streams, expansion into new markets, and international rig redeployments are Ades\u2019 game plan for 2026, CEO Mohamed Farouk said in its 1Q results<\/a>. <\/p>\n

\n

Saudi Chemical signs five-year TNT supply agreement<\/p>\n

Saudi Chemical unit secures TNT supply agreement: <\/strong>Saudi<\/a><\/strong>Chemical<\/a><\/strong>Company Holding<\/a><\/strong> 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<\/a>. The agreement covers initial annual quantities based on purchase orders, with a maximum contract value of SAR 742 mn (USD 198 mn).<\/p>\n

\n

Amlak keeps SAR 1.1 bn Saib loan in place until 2028<\/p>\n

Amlak<\/strong> International Finance <\/strong>renewed<\/a><\/strong> its SAR 1.1 bn shariah-compliant <\/strong>loan <\/strong>with the Saudi Investment Bank (Saib) through January 2028<\/strong>, according to a Tadawul disclosure<\/a>. The facility will support the company\u2019s growth plans and expand its financing capacity, and is backed by assigned receivables and a promissory note.<\/p>\n

REMEMBER- <\/strong>The company secured SAR 250 mn in a shariah-compliant loan from Emirates NBD KSA last August<\/a>. The four-year facility is similarly geared toward supporting Amlak\u2019s operations and boosting its client financing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ades secures SAR 832 mn contract extension for Dutch North Sea 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