ADES International, an oil and gas drilling and production company, announced winning the bid for two onshore drilling contracts worth $150 million in Saudi Arabia, Pipeline Oil and Gas Magazine reported.
The company will order two new-build onshore rigs worth up to $45 million to fulfill the contract conditions.
“ADES’ reputation for operational excellence and its exemplary safety record allow it to bid for and win competitive tenders across the region,” said Mohamed Farouk, ADES CEO.
Each of the two contracts will be for seven years; five fixed years and two optional years that will add a total estimated backlog of around $150 million.
Operations are due to begin in the second half of 2019.