ADES to set up 10 offshore rigs worth SAR 4B in 2 years: CEO

Mohamed Farouk Abdul Khaleq, CEO of ADES Holding 

ADES Holding Co. plans to set up 10 new offshore units over the next two years, according to CEO Mohamed Farouq Abdul Khaleq. 

Each offshore platform costs up to SAR 400 million, bringing the total cost of the 10 units to SAR 4 billion, Abdul Khaleq said in an interview with CNBC Arabia TV. 

The company's fleet consists of 49 offshore units and 36 onshore units, with 33 out of 90 units operating in Saudi Arabia, he added. 

As for the recently signed contracts, Abdul Khaleq stated that revenues from the Indonesia contract exceed $110,000 per day, with very high profitability. 

The company announced earlier this week the expansion of its operations in Southeast Asia after receiving a letter of award (LoA) for a long-term contract with Pertamina Drilling Services Indonesia to operate its existing jack-up drilling rig in the Java Sea, Indonesia, for Pertamina in Region 2, according to Argaam's data. 

ADES also said it boosted its presence in Algeria, bagging two long-term contracts from Sonatrach for two of its existing onshore rigs. 

The added value of the total backlog for the three award contracts exceeds SAR 1.09 billion.