ADES Holding Company, an oil and gas drilling services provider, has been awarded six onshore contracts with Kuwait Oil Company (KOC), totaling SAR 2.42 billion ($640 million).

The contracts involve four existing operating rigs in Kuwait and two newbuild units in the 3,000hp deep drilling rig category, a particularly niche and growing market in Kuwait.

These contracts, starting in the second and third quarters of 2025, will run for a five-year term with a one-year optional extension. It’s worth noting that currently, the group has 10 onshore rigs operating with KOC in Kuwait.

Commenting on the award, Dr. Mohamed Farouk, CEO of ADES Holding said “We are very pleased with KOC’s vote of confidence in ADES as exemplified in the scope and tenor of this Award. Securing such long-term contracts not only adds to the sustainability of our backlog and visibility of our business but is also a 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,” Farouk added.