LONDON, UK: ADES International Holding has secured a contract renewal for ADMARINE 262. ADMARINE 262 renewal has a five-year tenor, which will be effective upon the expiry of the current contract in April 2020, and will have a higher daily rate.

Commenting on the contract award, Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said: “We are delighted to secure this renewal for ADMARINE 262 with our extremely valued and important client. It further supports our presence in KSA and underpins ADES’s track record for securing renewals for our fleet which results in greater backlog visibility.”

ADES International Holding extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and North Africa, offering onshore and offshore contract drilling as well as workover and production services.

Its c.4,000 employees serve clients including major national oil companies (NOCs) such as Saudi Aramco and Kuwait Oil Company as well as joint ventures of NOCs with global majors including BP and Eni.

While maintaining a superior health, safety and environmental record, the Group currently has a fleet of thirty-four onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit (MOPU), which includes a floating storage and offloading unit.