Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar
Saudi drilling firm ADES is set to operate a SR350 million ($93.3 million) jack-up rig in Qatar, having secured a contract from TotalEnergies.
ADES noted in a statement to Tadawul that the letter of award from the French petroleum company includes a mandatory and optional extension period of up to 18 months.
The project is expected to commence in the second half of 2024, utilizing the firm’s fleet of jack-up offshore drilling units. Additionally, ADES indicated that the contract will enable it to maintain its market share in Qatar by operating three drilling rigs. This comes after the relocation of its Emerald Driller platform to Indonesia, anticipated to take place in the second half of 2024. Commenting on the letter of award, Mohamed Farouk, CEO of ADES Holding, said: “We are very pleased with our ability to quickly market and secure new campaigns for the five recently suspended rigs in Saudi Arabia.”
He said: “New capacities made available have allowed us to quickly find a technically suitable unit to maintain our three-rig presence in Qatar following the planned departure of our jack-up rig, Emerald Driller, from Qatar to Indonesia in the second half of 2024.”
The top executive added: “The Emerald Driller had delivered an exceptional safety and operational performance during its operation in the Al-Khaleej field over the past few years, and we look forward to continuing our journey in Qatar with our client and to providing exceptional safety and operational performance that has become synonymous with the ADES name.” In November, ADES Holding Co. secured three contracts totaling $293 million, marking its entry into Indonesia and strengthening its presence in Algeria.
The company announced its foray into Southeast Asia with a long-term contract valued at SR803 million ($214 million) with Pertamina Drilling Services Indonesia, according to a bourse filing.
ADES will operate Pertamina’s existing jack-up drilling rig, Emerald Driller, located in the Java Sea. This contract, comprising a three-year firm period and a two-year option, is slated to commence in the second half of 2024. With this expansion, ADES now operates in eight countries. Farouk said: “We are pleased with the opportunity to enter the Indonesian market through our strategic partnership with Pertamina Drilling Servies Indonesia, who is a leading drilling contractor in Southeast Asia, to provide our best-in-class drilling service to Pertamina in Region 2.” With this award, he said ADES extends its geographical footprint to a promising and demanding market, namely Indonesia and Southeast Asia.
We are very pleased with our ability to quickly market and secure new campaigns for the five recently suspended rigs in Saudi Arabia.