ADES, Aramco renew Saudi platform contract for 10 years at SAR 1.61B
ADES Holding Co. signed a renewal contract with Saudi Aramco on May 18 for one of its suspended offshore platforms in Saudi Arabia for a period of 10 years, at an estimated cumulative value of SAR 1.61 billion ($429 million).
According to a statement to Tadawul, the renewal is for a confirmed period of 10 years, which will significantly enhance revenue visibility and support the sustainability of the company's backlog.
The rig is currently operating under a contract in Thailand, the statement noted, adding that the start date of operations under the renewed contract will be confirmed at a later time.
ADES highlighted that this rig was among those temporarily suspended in the Kingdom of Saudi Arabia earlier.
The renewal reflects the longstanding and strong relationship between ADES and its client, and further reinforces the group's positive outlook for its operations in Saudi Arabia.
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