Riyadh – Mubasher: ADES Holding Company has announced that one of its subsidiaries has received an award for six onshore contracts with Kuwait Oil Company (KOC) with an estimated backlog of SAR 2.42 billion.

The award includes new contracts for four of the company’s current operating rigs in Kuwait and two new build units.

All six contracts are for deep drilling rigs in the 3,000 hp category, a niche and growing market in Kuwait.

The contracts are expected to commence in the second and third quarters of 2025 and will run for a five-year firm term with a one-year optional extension.

The award marks a three-fold increase in ADES’ contracted fleet with KOC over a 24-month period, rising from four rigs in early 2023 to a total of 12 rigs expected to be operating in Kuwait by 2025. Currently, the group has 10 onshore rigs operating with KOC in Kuwait.

Mohamed Farouk, CEO of ADES Holding, said: “With these new awards, ADES has further solidified its position in the niche Kuwaiti onshore market, characterized by high barriers to entry and deep drilling deployments where ADES has consistently proven its abilities."

“I look forward to continuing this performance and delivering value to KOC in the coming years through our commitment to a best-in-class drilling service,” Farouk added.

Earlier in May, Egypt-based Suez Oil Company (SUCO) awarded ADES Holding a SAR 161 million contract to use a standard jackup unit.