{"id":95857,"date":"2025-04-09T00:00:00","date_gmt":"2025-04-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/04\/09\/ades-holding-secures-10-year-renewal-contract-for-offshore-drilling\/"},"modified":"2025-04-09T00:00:00","modified_gmt":"2025-04-09T00:00:00","slug":"ades-holding-secures-10-year-renewal-contract-for-offshore-drilling","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/04\/09\/ades-holding-secures-10-year-renewal-contract-for-offshore-drilling\/","title":{"rendered":"Ades Holding secures 10-year renewal contract for offshore drilling"},"content":{"rendered":"

<\/strong>Ades Holding <\/strong>renews drilling contract:<\/strong> Tadawul-listed energy player 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, according to a statement (pdf)<\/a>. The total backlog value for the resumption is estimated at nearly SAR 1.1 bn (USD 290 mn), according to a disclosure<\/a> to Tadawul.<\/p>\n

What we know:<\/strong> 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.<\/p>\n

Looking ahead: <\/strong>Ades Holdings looks to \u201ccontinue focusing on securing further renewals and backlog additions in our key markets to boost long-term revenue visibility, and to capitalize on the prevailing tightness in the global offshore jack-up market,\u201d CEO Mohamed Farouk said.<\/p>\n

SOUNDS FAMILIAR? <\/strong>The firm secured 10-year renewals from Aramco back in October<\/a> for two of its Saudi onshore rigs \u2014 Ades 13 and Ades 14 \u2014 which have been in service since 2019. The contract was valued at around SAR 946 mn.<\/p>\n

Expanding into new markets: <\/strong>The firm was awarded a SAR 1 bn offshore jack-up drilling contract by PTTEP Energy Development in the Gulf of Thailand in December<\/a>. The contract spans five years with an optional three-year extension. It also closed six new onshore contracts for drilling services with the Kuwait Oil Company worth a combined SAR 2.4 bn in August<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The total backlog value for the resumption is estimated at nearly SAR 1.1 bn<\/p>\n","protected":false},"author":1,"featured_media":95858,"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":[409,139,2425,10,87],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-ades-holding","tag-aramco","tag-energy","tag-enterpriseam-ksa","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"3918cc68-9125-41ea-8bef-9b0c6e7edcfb","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1082.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ades Holding secures 10-year renewal contract for offshore drilling","related_issue":[95850],"teaser":"The total backlog value for the resumption is estimated at nearly SAR 1.1 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.f0ed2725-602e-4b56-bc2c-b4aa1474e7e4.mp3"},"yoast_head":"\nAdes Holding secures 10-year renewal contract for offshore drilling - 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