Saudi oil and gas drilling contractor ADES Holding has signed a 10-year contract renewal for one of its standard offshore jack-up rigs, which was among the suspended rigs previously operating in the Kingdom of Saudi Arabia.
The standard jack-up is currently fulfilling a medium-term contract in Egypt.
The contract renewal is for a firm duration of ten years, adding significant long-term revenue visibility and backlog sustainability.
The renewal is testimony to ADES’ strong and long-standing relationship with its client and further strengthens the group’s outlook in relation to its business in Saudi Arabia.
“We are very pleased to have secured this renewal for our unit in KSA, particularly as it was among the six previously suspended rigs in the Kingdom. The renewal is a testament to our strong and long-standing relationship with our valued KSA client and it is also thanks to ADES’ exemplary safety and operational track record.
“This 10-year renewal, and similar ones recently secured in the Kingdom, added a significant amount of long-term backlog to the Group, promoting business sustainability and increased revenue visibility,” said Mohamed Farouk, CEO of ADES Holding.