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.
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