DUBAI, UK: ADES International Holding, leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA) has secured contract renewals for seven of its rigs in Kingdom of Saudi Arabia (KSA).
The contracts cover offshore rigs AD 655, AD 656, AD 266 and AD 261, and onshore rigs ADES 40, ADES 799 and ADES 889 in the Kingdom.
Four of the rigs have a 10-year firm tenor, two rigs have a five-year firm tenor and one rig with a three-year firm tenor. The total backlog is estimated at c.US$ 950 million with daily rates being broadly similar to current contracts.
Commenting on the above, Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said: “We are extremely pleased to secure such substantial amount of backlog with one of our largest clients and an almost doubling of our backlog figure from FY20. This is a great testament to our management’s hard work delivering operational excellence, robust safety records, as well as great understanding of our client needs during the turbulent year of 2020.
We remain committed to our core values and to driving long-term sustainable growth. These substantial renewals will provide more visibility over our cashflow and backlog and further strengthen our position as the regional industry champion.”
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.3,500 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-six 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.