Saudi’s ADES Holding awarded $276 million Jackup Rig Contract in Thailand
30 December 2024
ADES Holding Company, Saudi Arabia announces that it has received a Letter of Award (LOA) from PTTEP Energy Development Company Limited (PTTEP) for an offshore jack-up drilling contract in the Gulf of Thailand with an estimated backlog of SAR 1.035 billion.
The award is for a five-year firm period plus an optional three-year extension, and will see the deployment of the Admarine 503, a sister rig to the Admarine 502, which began operations in Thailand during the third quarter of this year.
This milestone represents the deployment of the fourth rig from the suspended jackups in Saudi Arabia, underscoring ADES’ agility in addressing market demand and capitalizing on its global platform to quickly redeploy suspended rigs in record time. The new LOA further strengthens ADES’ position in Southeast Asia with five jackup rigs under contract in the region – including two in Thailand, two in Indonesia, and one in the Malaysia-Thailand Joint Development Area (JDA) – bringing its market share to ~12% (excluding the three rigs operating in India).
Commenting on the LOA, Dr. Mohamed Farouk, CEO of ADES Holding said: “We are honored to receive this second award from PTTEP, which reflects their continued confidence in ADES’ operational excellence and safety performance following the successful startup of Admarine 502 earlier this year. We are thrilled to deepen our collaboration with PTTEP as part of their extensive development plans to meet the country’s energy needs.”
“Securing a 5+3 year contract in Thailand, a region traditionally known for shorter tenors, provides long-term visibility and enhances our regional hub. With five jackups in Southeast Asia and three jackups in India, we are gradually growing our market share in the region while increasing synergies across our operations, reinforcing ADES’ long-term strategic commitment to the region.”
“Finally, this award is testament to the agility of the Group and the strength of its global platform as it quickly redeployed four of its suspended rigs in Saudi Arabia in a short period, allowing us to confidently reaffirm our previously stated guidance for ADES’ strong full-year financial performance,” Farouk added.
Related
-
Skanska lands $250m Boston airport parking garage contract
27 June 2025
-
Cimic company to expand Queensland mine for $1.5bn
27 June 2025
-
Dubai tenders Al-Maktoum airport substructure
27 June 2025
-
Systra wins France’s biggest high-speed rail project
25 June 2025
-
Nigeria secures $3.5 Billion Afreximbank funding for Bakassi deep seaport
24 June 2025
-
ArcelorMittal drops German green steel plans despite €1.3bn subsidy
24 June 2025