Saudi Press

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Tuesday, May 21, 2024

Saudi ADES Wins $93.3m Contract from TotalEnergies to Operate Jack-up Rig in Qatar

Saudi Arabian drilling firm ADES has secured a $93.3 million contract from TotalEnergies to operate a jack-up rig in Qatar.
The project, worth SR350 million, is expected to begin in the second half of 2024 and includes optional extension periods.

ADES will utilize its jack-up offshore drilling units for the project and noted that it will maintain its market share in Qatar by operating three drilling rigs.

The firm is also relocating its Emerald Driller platform to Indonesia in the second half of 2024.

Mohamed Farouk, CEO of ADES Holding, expressed satisfaction with securing new campaigns for five suspended rigs in Saudi Arabia.

He also announced that a suitable unit will replace the departing jack-up rig, Emerald Driller, in Qatar, maintaining ADES' three-rig presence.

The Emerald Driller had delivered exceptional safety and operational performance in Qatar's Al-Khaleej field and ADES looks forward to continuing its operations in Qatar.

In November, ADES Holding Co. obtained three new contracts worth a total of $293 million, expanding its business into Indonesia and reinforcing its position in Algeria.

The company made its debut in Southeast Asia through a long-term SR803 million contract with Pertamina Drilling Services Indonesia, as stated in a bourse filing.

ADES will manage Pertamina's existing jack-up drilling rig, Emerald Driller, situated in the Java Sea.
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