| Element List |
Explanation |
| Date of Announcement of the Award |
2025-05-18 Corresponding to 1446-11-20 |
| Contract Subject Matter |
Contract For Offshore Drilling Services |
| The Entity with Which the Contract was Signed |
Saudi Aramco |
| Date of Signing the Contract |
2025-05-18 Corresponding to 1446-11-20 |
| Contract Value |
Total backlog for the renewal is estimated at SAR 1.61 billion (USD 429 million). |
| Contract Details |
ADES Holding Company is pleased to announce that is has signed a contract renewal for one of its offshore jackup rigs. The unit was among the temporarily suspended rigs that were previously operating in the Kingdom of Saudi Arabia (“KSA”). This renewal is a testimony to ADES’ strong and long-standing relationship with its client and further strengthens the Group’s outlook in relation to its business in KSA. |
| Contract Duration |
The contract renewal is for a firm duration of ten years, adding significant long-term revenue visibility and backlog sustainability. |
| Financial Impact and the Relevant Period |
The rig is currently fulfilling a contract commitment in Thailand and the exact rig commencement date to be confirmed later. |
| Related Parties |
N/A |
| Attached Documents |
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