Saudi oil and gas drilling contractor ADES Holding has secured a contract with Thailand’s state-owned PTTEP for its offshore jack-up drilling rig, marking a fourth redeployment of rigs that were suspended by Saudi Aramco earlier in 2024.
The contract in the Gulf of Thailand, worth $276 million, is for a five-year firm period plus an optional three-year extension, and will see the deployment of the Admarine 503, a sister rig to the Admarine 502, which began operations in Thailand during the third quarter of this year.
The Admarine 503 is a premium jack-up rig with offline capabilities tailored for factory-style drilling operations suited to the Gulf of Thailand.
“We are honored to receive this second award from PTTEP, which reflects their continued confidence in ADES’ operational excellence and safety performance following the successful startup of Admarine 502 earlier this year. We are thrilled to deepen our collaboration with PTTEP as part of their extensive development plans to meet the country’s energy needs.”
“Securing a 5+3 year contract in Thailand, a region traditionally known for shorter tenors, provides long-term visibility and enhances our regional hub. With five jack-ups in Southeast Asia and three jack-ups in India, we are gradually growing our market share in the region while increasing synergies across our operations, reinforcing ADES’ long-term strategic commitment to the region.”
“Finally, this award is testament to the agility of the Group and the strength of its global platform as it quickly redeployed four of its suspended rigs in Saudi Arabia in a short period, allowing us to confidently reaffirm our previously stated guidance for ADES’ strong full-year financial performance,” said Mohamed Farouk, CEO of ADES Holding.
