Saudi drilling firm ADES is set to operate a SAR350 million ($93.3 million) jack-up rig in Qatar, having secured a contract from the French energy company TotalEnergies. The contract includes a mandatory and optional extension period of up to 18 months, as stated by ADES in a Tadawul stock exchange filing.
ADES Holding Company is pleased to announce that it has received a Letter of Award (LOA) from one of the major International Oil Companies (IOCs) for a one-year firm jack-up drilling contract in Qatar with optional extensions of up to 18 months. The new award follows ADES’… pic.twitter.com/eHDmzi3zPV
— ADES – Advanced Energy Systems (@ADESDrilling) April 14, 2024
Moreover, the project is expected to commence in the second half of 2024, utilizing ADES’s fleet of jack-up offshore drilling units. This contract will enable ADES to maintain its market share in Qatar by operating three drilling rigs, following the relocation of its Emerald Driller platform to Indonesia, which is anticipated to take place in the second half of 2024.
In November 2023, ADES Holding Co. further secured three new contracts totaling $293 million, marking its entry into Indonesia and strengthening its presence in Algeria. The company announced its foray into Southeast Asia with a long-term contract valued at SAR803 million with Pertamina Drilling Services Indonesia, according to a bourse filing. Under this contract, ADES will operate Pertamina’s existing jack-up drilling rig, Emerald Driller, located in the Java Sea. The contract also comprises a three-year firm period and a two-year option, and is slated to commence in the second half of 2024.
With these new contracts, ADES now operates in a total of eight countries, expanding its global footprint.
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