ADES bags SAR 1.1 bln contracts in Algeria, Indonesia

Logo of ADES holding Co.

ADES holding Co. announced the expansion of its operations in the Southeast Asia, after it received 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.

In a statement to Tadawul, ADES said it boosted presence in Algeria, bagging two long-term contracts, by Sonatrach, for two of its existing onshore rigs.

Key Highlights of the awards

The Group was awarded a jackup contract in Indonesia, extending footprint to the eighth country of operations. The contract comprises a 3-year compulsory term with an option for a two-year renewal.

Work is expected to commence in Indonesia during the second half of 2024 utilizing the existing jackup drilling unit, “Emerald Driller”, which will move to Indonesia immediately after the expiry of its contract in Qatar.

ADES further bolstered presence in Algeria by securing a 5-year contract for 2 of its existing onshore rigs, namely “ADES 810” and “ADES 815” which are currently operating in Egypt and expected to commence operations with Sonatrach in Algeria during H2 2024.

The added value of the total backlog for the three award contracts exceeds SAR 1.098 billion.

The award contract in Indonesia comes at a higher daily rate compared to the current average Jackup daily rates.