Saudi group ADES signs charter agreement for Brazil project
Saudi-based ADES Holding Company has announced that it has entered into a 4.5 year tenor
charter agreement with Luxembourg-based Constellation Oil Services to execute a premium jackup rig, Admarine 511 contract for Petrobras in Brazil.
A world-leading provider of jackup and land rigs to the oil and gas industry, ADES has over 85 drillings rigs in operation across 7 countries.
This agreement marks ADES' entry into the Brazilian market, further expanding its global footprint in Latin America through innovative and differentiated business models, said the group in its filing to Saudi bourse Tadawul.
With Constellation being responsible for operating the rig in Brazil, the majority of the charter revenue for ADES will be reflected on the Group's ebitda and profitability.
The contract duration is for 38 months, with an optional extension of 472 days (16 months), bringing the potential total term to 4.5 years.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
3 hours ago
- Daily Tribune
UAE Universities See Surge in Student Applications Amid US Visa Uncertainty
Universities across the UAE are reporting a notable increase in international student applications, as ongoing delays and uncertainties surrounding student visa processing in the United States push students to seek more accessible alternatives. With growing concerns over restrictive policies and prolonged visa wait times in the US, students and parents are increasingly turning to UAE-based institutions for stability, safety, and streamlined admission processes. Higher education institutions in cities such as Abu Dhabi, Dubai, and Ajman have all noted a significant rise in student interest for the 2025 academic year. The shift is attributed largely to disruptions in the US student visa process and changing international education policies. University leaders say the UAE's strong infrastructure, globally accredited programs, and supportive visa environment make it an increasingly attractive destination for international learners. The ability for students to work part-time, live in some of the world's safest cities, and stay geographically closer to home has added to the country's appeal. The surge in applications is also being driven by a broader trend of students reconsidering long-standing study abroad plans, particularly those targeting American institutions. As the global education landscape continues to evolve, the UAE is positioning itself as a regional hub for world-class higher education, offering international students both academic opportunity and peace of mind.
Syyaha
4 hours ago
- Syyaha
flynas Celebrates Launching Direct Flights Between Jeddah and Damascus
flynas, the leading low-cost airline in the world and the best LCC in the Middle East, celebrated launching direct flights Between Jeddah and Damascus on Thursday, June 12, following the launch of Riyadh to the Syrian capital last week, becoming the first Saudi airline to connect the two countries in 12 years, further expanding its network in line with flynas growth and expansion plan, launched under the title 'We Connect the World to the Kingdom,' in parallel with the objectives of the National Civil Aviation Strategy to enable national air carriers to contribute to connecting KSA with 250 International destinations and to accommodate 330 million passengers and to host 150 million tourists yearly by 2030 and the objectives of the Pilgrims Experience Program (PEP) to facilitate access to the Two Holy inaugural ceremony was held at King Abdulaziz International Airport in Jeddah on Thursday, June 12, attended by representatives from flynas and the Jeddah Airports Company, which manages and operates KAIA. Travelling guests on the departing inaugural flight to Damascus were welcomed with flights to the Syrian capital confirms flynas' commitment to strengthening air connectivity between the two brotherly nations, as the leading LCC has been a pioneer in providing air routes between the Kingdom and various Syrian cities. flynas previously operated direct flights from Riyadh and Jeddah to Damascus, Aleppo, and operates 139 routes to more than 70 domestic and international destinations in 30 countries with more than 2000 weekly flights and has flown more than 80 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations within its growth and expansion plan, and in line with the objectives of Vision 2030. Passengers traveling with flynas can book their flights through all flynas booking channels: the flynas app, the call centre (920001234), or travel agents.
Daily Tribune
a day ago
- Daily Tribune
EU removes UAE from ‘high-risk' money-laundering list, adds Monaco
The EU yesterday announced the removal of the United Arab Emirates from its money-laundering 'high-risk' list but added Monaco alongside nine other jurisdictions. The European Commission said it added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela, along with Monaco, to the list of countries subject to extra monitoring of their money laundering controls. In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda. The moves come after a money-laundering watchdog said in February it had removed the Philippines from its list of countries that face increased monitoring, while adding Laos and Nepal. The Financial Action Task Force (FATF), a Paris-based organisation that reviews efforts by more than 200 countries and jurisdictions to prevent money laundering and terrorism financing, compiles a 'grey list' of nations that are subject to increased monitoring of financial transactions. Monaco has been included on the FATF list since mid-2024, along with EU member states Bulgaria and Croatia. 'The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,' the EU's commissioner for financial services, Maria Luis Albuquerque, said. The EU list will now be scrutinised by the European Parliament and member states and will enter into force within one month if there are no objections, the commission said. In a statement, Monaco's government said it had 'taken note of this expected update, which would lead to Monaco being placed on the EU's list, unless the European Parliament or the Council of the EU decides otherwise'. It also stressed its commitment to take the necessary steps to be removed from the FATF's grey list 'in the short term'.
