{"id":90494,"date":"2024-10-14T00:00:00","date_gmt":"2024-10-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/14\/ades-lands-10-year-renewal-contracts-from-aramco-for-two-onshore-rigs\/"},"modified":"2024-10-14T00:00:00","modified_gmt":"2024-10-14T00:00:00","slug":"ades-lands-10-year-renewal-contracts-from-aramco-for-two-onshore-rigs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/14\/ades-lands-10-year-renewal-contracts-from-aramco-for-two-onshore-rigs\/","title":{"rendered":"Ades lands 10-year renewal contracts from Aramco for two onshore rigs"},"content":{"rendered":"

Tadawul-listed energy player Ades Holding has secured 10-year renewals<\/strong> from Aramco <\/strong>for two of its Saudi onshore rigs, <\/strong>Ades 13 and Ades 14, which have been in service since 2019, according to a press release (pdf)<\/a>. The renewal contract is valued at some SAR 946 mn, the company said in a disclosure to Tadawul<\/a>. The filing did not disclose the current contract\u2019s expiry date.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

What they said: <\/strong>\u201cThese onshore awards strengthen the sustainability of our business in KSA and provide the Group with long-term revenue visibility, while strengthening the Group\u2019s outlook for its business in the Kingdom,\u201d Ades CEO Mohamed Farouk said. <\/p>\n

Snapshot of 2Q 2024 earnings: <\/strong>Ades\u2019 net income rose 90% y-o-y to SAR 202 mn<\/a> in 2Q 2024 while its revenues were up 48.7% at SAR 1.5 bn during the same period. On a 1H basis, Ades\u2019 bottom line more than doubled y-o-y to SAR 403 mn, while revenues grew 54.3% y-o-y to SAR 3.1 bn. The firm attributed its improved performance in the first half of this year to a boost in revenues from its businesses in Saudi Arabia, Kuwait, Algeria, and Tunisia. <\/p>\n

\n

IN OTHER ENERGY NEWS-<\/p>\n

#1- UK-based KCA Deutag has extended four Saudi rig contracts valued at a total of USD 352<\/strong> mn<\/strong>, it said in a statement<\/a>. The contracts range between 5 to 10 years and are part of a USD 900 mn backlog the drilling company recently secured across Saudi, Oman, Pakistan, Angola, and Europe. <\/p>\n

#2- <\/strong>GCC energy consortium bids for NCP and Zatca\u2019s Rub\u2019 al Khali Power Plant<\/strong> Project<\/strong>: The National Center for Privatization & Public Private Partnerships (NCP) has identified Saudi\u2019s Alfanar<\/a> and The Olayan Group<\/a>, UAE\u2019s Siraj Power for Renewable Energy<\/a>, and Bahrain\u2019s Lamar Holding<\/a> as qualified bidders for the Rub\u2019 al Khali power plant project<\/a>, according to TradeArabia<\/a>. The project will follow a design, build, finance, operation, maintenance, and transfer model, and will cover construction and 25 years of operations and maintenance. NCP is collaborating with the Zakat, Tax, and Customs Authority (ZATCA) on the initiative.<\/p>\n","protected":false},"excerpt":{"rendered":"

The renewal contracts are worth SAR 946 mn<\/p>\n","protected":false},"author":1,"featured_media":90495,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2570],"tags":[139,2425,10,91,87,1277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-aramco","tag-energy","tag-enterpriseam-ksa","tag-national-center-for-privatization","tag-oil-and-gas","tag-zakat-tax-and-customs-authority-zatca","wpautop","entry"],"acf":{"mongo_id":"aa6c8bb3-f967-43b1-8734-654230e6ac23","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1060.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ades lands 10-year renewal contracts from Aramco for two of its onshore rigs","related_issue":[90485],"teaser":"The renewal contracts are worth SAR 946 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.8d101c5b-adee-48ff-a95b-53dfad2caf0b.mp3"},"yoast_head":"\nAdes lands 10-year renewal contracts from Aramco for two onshore rigs - 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