Riyadh – ADES Holding Company has received a letter of intent (LOI), on 22 March 2024, from PTTEP Energy Development Company Limited for a SAR 354 million jack-up drilling deal in the Gulf of Thailand.
The agreement marks the Saudi company’s entry into the ninth country of operations and comes on the heels of the recently announced expansion in Indonesia, according to a press release.
This is also besides the three rigs currently in India, which brings the group’s operations to a total of five jack-ups.
The contract holds a tenor of 18 months in addition to a nine-month optional extension. Meanwhile, the operations are expected to commence during the second half (H2) of 2024.
Mohamed Farouk, CEO of ADES Holding said: “Our strategic focus on tapping into diversified client portfolios and accretive markets aligns perfectly with this milestone, which further solidifies our position as a leading player in the industry.”
“This award not only anchors our second rig in the Southeast Asian market but also reaffirms our continued pursuit of diversified growth opportunities in exciting new markets and highlights our ability to provide tailored solutions for clients worldwide,” Farouk added.
The Saudi firm recorded 13.57% higher net profits at SAR 452 million in 2023, compared to SAR 398 million in 2022.
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