ADES Holding announces SAR 350m contract award with TotalEnergies in Qatar

Riyadh – Mubasher: ADES Holding Company has received a letter of award from TotalEnergies in Qatar on 4 April 2024 for a jack-up rig.

The contract comprises a firm one-year term in addition to three optional six-month extensions totalling up to 18 months. ADES Holding stated that the contract value from the firm and optional terms stands at nearly SAR 350 million, according to a bourse disclosure.

Maintaining its solid market share in Qatar, the Saudi listed company added that the operations are scheduled to commence in the second half (H2) of 2024.

Furthermore, the new deal solidifies its position in the Qatari market with a three-rig operation after the planned relocation of its Emerald Driller to Indonesia, which is expected to take place in H2-24.

CEO of ADES Holding, Mohamed Farouk, said: “We are very pleased with our ability to quickly market and secure new campaigns for the five recently suspended rigs in Saudi Arabia.”

Farouk elaborated: “New capacities made available have allowed us to quickly find a technically suitable unit to maintain our three-rig presence in Qatar following the planned departure of our jackup rig, Emerald Driller, from Qatar to Indonesia in the second half of 2024.”

The CEO concluded: “The Emerald Driller had delivered an exceptional safety and operational performance during its operation in the Al Khaleej field over the past few years, and we look forward to continuing our journey in Qatar with our client and to providing exceptional safety and operational performance that has become synonymous with the ADES name.”

In 2023, ADES Holding recorded higher net profits worth SAR 452 million as well as revenues of SAR 4.33 billion.

The company started trading its shares on the Saudi Exchange (Tadawul) in October 2023.

Source: Mubasher Source: {{details.article.source}}