ADES extends 3 offshore jack-up contracts in Egypt for SAR 673.5M

ADES Holding's jack-up rig

ADES Holding Co. was notified of contract extension for three suspended offshore jack-up rigs in Egypt. The backlog value is estimated at SAR 673.5 million ($179.6 million), according to a statement to Tadawul.

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The contracts of two rigs — Admarine III and Admarine VI — will be extended for a confirmed one year, effective 2025 and 2026 after the expiration of their current contracts. There is an option to extend for another year.

The contract of the third rig, Admarine V, was extended for a confirmed three years, effective immediately, with an option for another one-year extension.

These extensions will further solidify ADES position in the Egyptian market and boost the daily utilization rates compared to the group’s current average rates in Egypt.