The first contract, worth up to SR350 million, was signed with Total Energies to operate an offshore drilling platform in Qatar.

The agreement includes a one-year mandatory term with an option to extend for an additional 18 months.

Operations are expected to begin in the second half of 2024, and Ades confirmed that there are no related parties involved.

The second contract, worth SR161 million, was also announced but details were not provided.

Ades specializes in drilling and intervention services and is expanding its regional influence in the oil and gas industry.

Ades, a drilling and production services company, has been awarded a new contract by Total Energies in Qatar to operate an offshore drilling platform.

This is the third platform in the region that Ades will operate, allowing the company to maintain a strong market presence.

This expansion comes after Ades transferred its Emerald Driller platform to Indonesia.

Additionally, Ades announced a separate 21-month contract to operate an elevated platform in the Gulf of Suez, which was awarded by the Suez Oil Co in Egypt.

Operations for this contract are expected to begin soon.

Ades, a publicly traded company, revealed a new SR161 million contract in Egypt on Tadawul.

This is part of the company's plan to restart operations in the region, following recent contracts in Thailand and Qatar.

With these new engagements, Ades has reactivated three out of the five suspended platforms in Saudi Arabia.

The stock price of the company experienced a slight decrease after the announcement.