ADES Renews Saudi Rigs Contracts

ADES Renews Saudi Rigs Contracts

ADES International, Middle East drilling and production services company, has renewed its six onshore operating rigs contracts with Saudi Arabia for three years, Pipeline Oil and Gas Magazine reported.

“We are pleased to have secured these important contract term renewals, which grows our current backlog to around $1.5 billion,” said Mohamed Farouk, CEO of ADES.

The contracts’ renewal term for all six rigs start during February 2019 as existing contracts expire.

The renewals are expected to add up to $228 million of backlog with day rates in line with the terms of the existing contracts, the company said in a statement.


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