ADES Holding Company announced that it renewed the contract for one of its standard offshore jackup rigs. It was one of six suspended rigs that had been operating in the Kingdom of Saudi Arabia.

Expected to enhance long-term revenue visibility and ensure backlog sustainability, the contract has been extended for a solid 10-year term.

The standard jackup rig is currently fulfilling a medium-term contract in Egypt.

The renewal stands as a testament to ADES’ strong and long-standing relationship with its client, further reinforcing the Group’s outlook for its operations in Saudi Arabia.

Commenting on the renewal, Mohamed Farouk, CEO of ADES Holding said, “We are very pleased to have secured this renewal for our unit in KSA, particularly as it was among the six previously suspended rigs in the Kingdom.”

“This 10-year renewal, along with similar ones recently secured in the Kingdom, added a significant amount of long-term backlog to the Group, promoting business sustainability and increased revenue visibility. The new award validates the Group’s optimism regarding our outlook of the business in the Kingdom. We look forward to continue to deliver best-in-class safety and operational performance that has become synonymous with the ADES name. The Group also remains focused on securing further renewals and backlog additions in key markets to boost revenue visibility and capitalize on the prevailing tightness in the global offshore jackup market,” Farouk added.