ADES Holding inks $640m KOC drilling service contracts
KUWAIT CITY, August 13, 2024
Saudi-based ADES Holding, a key provider of jackup and land rigs to the oil and gas industry, has signed onshore contracts worth SAR2.42 billion ($644 million) with Kuwait Oil Company (KOC).
The contract award includes new ones for four of KOC’s current operating rigs in Kuwait as well as two newbuild units, said ADES Holding in its filing to Saudi bourse Tadawul.
All contracts under the award are expected to commence during the second and third quarters of 2025 and will run for a five-year firm term with a one-year optional extension, it stated.
The company earlier stated that, all six contracts are for deep drilling rigs in the 3,000hp category, a particularly niche and growing market in Kuwait.
This comes close on the heels of its 10-year contract extension win for a standard jackup rig last month in Saudi Arabia.
The contract worth SAR1.31 billion was awarded by a major national oil company for a standard jack-up rig Admarine 657, it added.-TradeArabia News Service
