Egyptian offshore driller ADES International has successfully renewed a contract for 1980-built jackup rig Admarine 657.
Operating in Saudi Arabia, the renewal is for seven years commencing in the first quarter of 2019 when the current contract expires.
ADES says the deal is worth around $150m, in line with the day rate on the existing contract for the rig.
Dr Mohamed Farouk, CEO of ADES International, commented: “We are delighted to have extended the contract for Admarine 657 with this important and valued customer. We now have a long-term contracted visibility, underlining our ability to consistently sustain our backlog due to our customer-centric approach that delivers a tailored service with superior quality and an impeccable safety record. The acquisition of these ultra-shallow assets is looking very positive for our shareholders.”
ADES acquired Admarine 657 from Nabors Industries earlier this year as part of a deal to acquire three jackup rigs for $83m.