Saudi oil and gas driller ADES has secured a jackup rig contract in Egypt worth about $43m with Suez Oil Company.
The deal covers a firm 21-month term for drilling works in the Gulf of Suez set to start in the coming weeks, the company said in a stock exchange filing.
Last month, ADES agreed with its client in Saudi Arabia to temporarily suspend operations on five of its rigs in the Kingdom for up to 12 months. The latest contract follows ADES’ recent wins in Qatar and Thailand, set to start in late 2024, leaving two rigs left for redeployment.
“The speed at which the redeployments will occur, just weeks post their temporary suspension, demonstrates our agility, the strength of our global platform and our competitive position with a highly marketable and demanded fleet of jackup rigs during very tight market conditions,” said Mohamed Farouk, chief executive of ADES Holding.
