Latest news with #Admarine511
Zawya
08-04-2025
- Business
- Zawya
ADES Holding renews $266.4mln jackup deal
ADES Holding Company has signed a contract renewal for one of its standard offshore jackup rigs with A Major National Oil Company on 7 April 2025. The unit was among the six suspended rigs that were previously operating in Saudi Arabia, according to a bourse filing. Total backlog for the renewal is estimated at SAR 1.08 billion ($290 million). The standard jackup is currently fulfilling a medium-term contract in Egypt. Mohamed Farouk, CEO of ADES Holding, said: 'This 10-year renewal, and similar ones recently secured in the Kingdom, added a significant amount of long-term backlog to the group, promoting business sustainability and increased revenue visibility.' He noted: 'The new award validates the group's optimism as regards to the outlook of our business in the Kingdom, and we look forward to continuing to deliver our best-in-class safety and operational performance that has become synonymous with the ADES name.' 'The group also plans to continue focusing on securing further renewals and backlog additions in our key markets to boost long-term revenue visibility, and to capitalize on the prevailing tightness in the global offshore jack-up market,' Farouk concluded. The Tadawul-listed group recently secured a charter agreement for its premium jackup rig, Admarine 511, to execute a contract for Petrobras in Brazil. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Trade Arabia
06-04-2025
- Business
- Trade Arabia
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.
Arab News
03-04-2025
- Business
- Arab News
Saudi drilling firm ADES enters Brazil with $85.1m charter agreement
RIYADH: Saudi exploration service provider ADES Holding Co. has entered the Brazilian market through an $85.1 million charter agreement. The deal, which was made with Luxemborg's Constellation Oil Services Holding, will use ADES' jackup rig, Admarine 511, to support a drilling contract with Petrobras, Brazil's state-owned energy giant. The agreement marks a significant expansion of ADES' Latin American operations and underscores the company's strategy of entering new markets through alternative contracting models. The charter, which has a duration of about 38 months, includes an optional 472-day extension that could bring the total contract term to 4.5 years. The Admarine 511 rig is currently undergoing preparations at the Arab Shipbuilding and Repair Yard in Bahrain ahead of deployment, with drilling operations in Brazil expected to commence in the fourth quarter of 2025. CEO of ADES, Mohamed Farouk, commented on the new agreement, saying: 'We are excited to enter the Brazilian market through this strategic Charter with Constellation to support Petrobras, Brazil's national oil company.' Farouk added: 'This agreement not only expands our global footprint but also enhances our business sustainability with a long-term contract that strengthens our backlog and provides extended cash flow visibility.' The company estimates the additional backlog from the charter to be SR319 million ($85.1 million), including mobilization and demobilization fees. ADES noted that while Constellation will operate the rig locally, the charter structure ensures that a majority of the revenue generated will contribute directly to ADES' profitability. Listed on the Saudi stock market, ADES saw a 1.23 percent drop in its share price to SR16.12 as of 12:30 p.m. Saudi time. The deal comes on the back of strong financial performance by ADES Holding in 2024, reflecting the group's continued growth trajectory. The firm recorded an 80.54 percent increase in net profit, reaching SR816.19 million, up from SR452.07 million in 2023. Revenues also surged by 43.10 percent year-on-year to SR6.19 billion, compared to SR4.33 billion the previous year. Earnings per share rose to SR0.73 in 2024, up from SR0.59 in 2023, underscoring improved profitability and operational efficiency. Farouk further stated that the firm selected the charter model to navigate Brazil's operational landscape more effectively. 'Recognizing the unique challenges of each market, ADES strategically opted for a Charter model that facilitates a seamless entry into Brazil while maximizing profitability and delivering higher returns for our shareholders,' Farouk added.
Argaam
03-04-2025
- Business
- Argaam
ADES signs agreement with Constellation to execute Petronas contract in Brazil
ADES Holding Co. signed a drilling charter agreement for its premium jackup rig, Admarine 511, with Constellation to execute a contract with Petrobras in Brazil. The total additional backlog for the charter is estimated at SAR 319 million ($85.1 million), including mobilization and demobilization, the company said in a filing to Tadawul. The agreement has a confirmed term of 1,143 days (nearly 38 months), with an optional extension of 472 days (nearly 16 months), bringing the potential total term to 4.5 years. Admarine 511 is currently at the ASRY yard in Bahrain undergoing contract preparation for the Brazil campaign, which is expected to commence in the fourth quarter of 2025. This agreement marks ADES entry into the Brazilian market, further expanding its global footprint in Latin America through innovative and differentiated business models 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 statement added.
