{"id":95921,"date":"2025-04-10T00:00:00","date_gmt":"2025-04-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/04\/10\/ades-holding-bags-an-extension-for-its-egypt-rig-business\/"},"modified":"2025-04-10T00:00:00","modified_gmt":"2025-04-10T00:00:00","slug":"ades-holding-bags-an-extension-for-its-egypt-rig-business","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/04\/10\/ades-holding-bags-an-extension-for-its-egypt-rig-business\/","title":{"rendered":"Ades Holding bags an extension for its Egypt rig business"},"content":{"rendered":"

\n

OIL WATCH-<\/p>\n

<\/strong>Ades Holding s<\/strong>ecures extension for its rig operations in Egypt:<\/strong> Tadawul-listed energy player Ades Holding secured an extension for three of its offshore jack-up rigs operating in Egypt \u2014 contracted from the General Petroleum Company (GPC) \u2014 according to a statement (pdf)<\/a>. The total backlog value for the resumption is estimated at nearly SAR 673.5 mn (USD 179.6 mn). <\/p>\n

The details:<\/strong> The contracts for two of the three rigs \u2014 Admarine three and Admarine six \u2014 were extended for one year, slated to commence between 2025 and 2026, with an option to extend for an additional year. The third jack-up rig \u2014 Admarine five \u2014 saw its contract extended for a firm three years, effective immediately, with an option to extend for an additional year as well.<\/p>\n

Ades is on a roll:<\/strong> Ades Holding snapped up a 10-year renewal contract<\/a> for one of its key standard offshore jack-up rigs from an undisclosed major national oil company earlier this week. 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

\n

ENTERTAINMENT-<\/p>\n

Accesso Techn<\/a><\/strong>ology Group<\/a><\/strong> was selected as the guest experience technology provider <\/strong>for the Qiddiya gigaproject<\/strong>, according to a press release<\/a>. Accesso\u2019s Horizon platform will be deployed across Qiddiya\u2019s attractions \u2014 starting with Six Flags Qiddiya and Aquarabia \u2014 serving as a unified system for ticketing and visitor management, with integration capabilities for partner technologies.<\/p>\n

REMEMBER- <\/strong>Six Flags Qiddiya City and Aquarabia Water Theme Park are slated to open in late 2025 under the management of the US-based Six Flags Entertainment, which signed an agreement with Qiddya Investment in February<\/a> to oversee operations.<\/p>\n

\n

M&A WATCH-<\/p>\n

Chemanol is inve<\/strong>stigating two previous acquisitions<\/strong>: Tadawual-listed Methanol Chemicals\u2019 (Chemanol) enlisted an advisor to investigate the 2024<\/a> acquisitions of Dar Chemicals and the International Chemical Industries worth a combined SAR 124 mn, it said in a disclosure to Tadawul.<\/a> No further information was provided. <\/p>\n

ICYMI-<\/strong> Chemnol saw its net losses widen<\/a> 53.1% y-o-y to SAR 272.3 mn in 2024 due to rising feedstock costs and a decline in the selling prices of its major products.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Chemanol is investigating two previous acquisitions<\/p>\n","protected":false},"author":1,"featured_media":95922,"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":[2564],"tags":[4161,409,54,139,2229,10,179,4160],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-accesso-technology-group","tag-ades-holding","tag-also-on-our-radar","tag-aramco","tag-chemanol","tag-enterpriseam-ksa","tag-startup-watch","tag-stuck","wpautop","entry"],"acf":{"mongo_id":"aacfd481-29cc-4a92-9061-0ccc28be106b","order":"13","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 bags an extension for its Egypt rig business","related_issue":[95897],"teaser":"PLUS: Chemanol is investigating two previous acquisitions","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.9fda6c02-bd6a-4e2a-b6f5-7378f49fe051.mp3"},"yoast_head":"\nAdes Holding bags an extension for its Egypt rig business - 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