13-05-2025
ADES secures SAR 816M offshore drilling contract extension in Qatar
ADES Holding Co. announced today, May 13, the extension of its offshore drilling contract with North Oil Co. (NOC) in Qatar for the "Sapphire Driller" jackup rig, according to a Tadawul statement.
The extension includes a firm duration of four years, with three additional one-year options, allowing up to three years extension.
The total cumulative value, including optional extensions, is estimated at SAR 816 million ($217.6 million). The renewal comes at a better daily rate.
The contract adds significant revenue visibility and strengthens backlog sustainability, further supporting ADES' long-term growth trajectory in the region.
The contract's financial impact will be immediate, the statement said.
