ADES inks SAR 350M offshore drilling services contract in Qatar

06/05/2024 Argaam

ADES inks SAR 350M offshore drilling services contract in Qatar

ADES jack-up rig

ADES Holding Co. signed on May 5 an offshore drilling services contract in Qatar with TotalEnergies for nearly SAR 350 million.

 

The contract is valid for one year with an option for an 18-month extension, the company said in a statement to Tadawul.

 

Work will start in the second half of 2024, ADES added, noting that there are no related parties to the contract.

 

In April, the company announced winning a project valued at SAR 350 million from TotalEnergies to operate a jack-up rig in Qatar, including the mandatory and optional extension periods, noting that the contract will allow it to maintain its market share in Qatar by operating three drilling rigs after moving its “Emerald Driller” platform to Indonesia.

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