Riyadh – Mubasher: ADES Holding, an international drilling services provider, has secured a long-term contract extension for the Admarine 657 jackup rig in Saudi Arabia.

With a duration of 10 years, the new contract is expected to immediately follow the conclusion of the current term in the third quarter (3Q) of 2024, according to a press release.

The total backlog from the extension was estimated at more than SAR 1.31 billion ($351 million).

Mohamed Farouk, CEO of ADES Holding, said: “We are very pleased to have secured this important renewal for Admarine 657 with our client in KSA, which signifies renewed confidence in our ability to continue delivering best-in-class safety and operational performance.”

“The extension comes at a time when the offshore jackup market is witnessing severe tightness, and such a ten-year extension adds a considerable amount of backlog which further supports future revenue growth and extends backlog visibility in line with the Group’s strategy,” Farouk added.

In 2023, ADES Holding posted a net profit of SAR 452 million, an annual growth from SAR 398 million.