ADES Holding Company has announced contract renewals and extensions worth approximately $470 million for its offshore jackup rigs in Saudi Arabia and Egypt.
In Saudi Arabia, one of six previously suspended rigs received a significant ten-year firm contract renewal, adding substantial long-term revenue visibility to ADES’s portfolio. The standard jackup is currently fulfilling a medium-term contract in Egypt.
The Egypt extensions cover three contracted rigs with the General Petroleum Company (GPC): Admarine III and Admarine VI will be extended for one year with optional one-year extensions expected to commence over 2025-2026, while Admarine V received a three-year extension with an optional one-year extension, effective immediately.
Source: Saudi Gulf Projects
