ADES Holding Company (ADES) has secured six onshore contracts through its subsidiary with Kuwait Oil Company (KOC). The Award includes new contracts for four of the ADES’ current operating rigs in Kuwait as well as two newbuild units.

The oil and gas drilling services company will provide rigs for deep drilling rigs in the 3,000hp category.

The contracts, worth $640 million, are expected to commence during the second and third quarters of 2025 and will run for a five-year firm term with a one-year optional extension.

Following this deal ADES would raise its total operating rig in Kuwait to 12, marking a three-fold increase in ADES’ contracted fleet with Kuwait Oil Company over a 24-month period.

“We are very pleased with KOC’s vote of confidence in ADES as exemplified in the scope and tenor of this Award,” said Mohamed Farouk, CEO of ADES Holding. “Securing such long-term contracts not only adds to the sustainability of our backlog and visibility of our business but are also testament to ADES’ exceptional safety and operational performance which will see us triple the size of our contracted fleet in Kuwait from four to 12 rigs upon deployment in 2025.”

“With these new awards, ADES has further solidified its position in the niche Kuwaiti onshore market, characterized by high barriers to entry and deep drilling deployments where ADES has consistently proven its abilities. I look forward to continuing this performance and delivering value to KOC in the coming years through our commitment to a best-in-class drilling service,” he added.