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Saudi driller Ades bags $214m contract in Indonesia

The Ades contract with Pertamina will begin in the second half of 2024 Reuters/Amir Cohen
Ades' contract with Pertamina of Indonesia will begin in the second half of 2024

Ades Holding Company has signed a long-term drilling contract with Pertamina Drilling Services Indonesia in the Java Sea.

The deal for the offshore jackup rig is valued at SAR803 million ($214 million), the company said in a statement to the Saudi stock exchange.

The contract is for three years, with an option for a two-year extension.

“The Indonesia contract reflects a higher daily rate compared to Ades’ current average jackup daily rates, signalling a significant double-digit increase,” the statement said.

The Ades-Pertamina contract will begin in the second half of 2024.

Ades, which listed on the Saudi bourse in October, operates across the region, including Saudi Arabia, Kuwait, Qatar, Egypt, Algeria and Tunisia. Operations in India will start in 2023 on the back of already awarded contracts.

The company has 85 rigs in seven countries, including three in India. There are 36 onshore drilling rigs, 46 jackup offshore drilling rigs, two jackup barges and one mobile offshore production unit.

The oil and gas driller reported SAR1.98 billion in total revenue from customer contracts in the first half of 2023. It has a backlog of SAR27.6 billion as of June 30, 2023.

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