ADES Secures a Seven-year Contract in Saudi Arabia
Monday 17 December 2018
ADES International Holding Ltd., a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), is pleased to announce that it has successfully renewed an existing contract for Admarine 657 (an ultra-shallow offshore rig previously acquired in June 2018).
The renewal for Admarine 657, which is currently contracted and operating in Saudi Arabia, is effective after the expiry of its existing contract during Q1 2019. The renewal tenor is for seven years (including a two-year option) and is expected to add up to c.$150 million of backlog with the day rate broadly in line with the existing contract.