Arab News, Mon, Apr 15, 2024 | Shawwal 5, 1445
Saudi ADES secures $93.3m contract to operate jack-up rig in Qatar
Saudi Arabia:
Saudi drilling firm ADES is set to operate a SR350 million ($93.3 million)
jack-up rig in Qatar, having secured a contract from TotalEnergies.
ADES noted in a statement to Tadawul that the
letter of award from the French petroleum company includes a mandatory and
optional extension period of up to 18 months.
The project is expected to commence in the second
half of 2024, utilizing the firm’s fleet of jack-up offshore drilling units.
Additionally, ADES indicated that the contract
will enable it to maintain its market share in Qatar by operating three drilling
rigs. This comes after the relocation of its Emerald Driller platform to
Indonesia, anticipated to take place in the second half of 2024.
Commenting on the letter of award, Mohamed Farouk,
CEO of ADES Holding, said: “We are very pleased with our ability to quickly
market and secure new campaigns for the five recently suspended rigs in Saudi
Arabia.”
Farouk added: “New capacities made available have
allowed us to quickly find a technically suitable unit to maintain our three-rig
presence in Qatar following the planned departure of our jack-up rig, Emerald
Driller, from Qatar to Indonesia in the second half of 2024.”
He added that the Emerald Driller had delivered an
exceptional safety and operational performance during its operation in the
Al-Khaleej field over the past few years, and “we look forward to continuing our
journey in Qatar with our client and to providing exceptional safety and
operational performance that has become synonymous with the ADES name.”
In November, ADES Holding Co. secured three new
contracts totaling $293 million, marking its entry into Indonesia and
strengthening its presence in Algeria.
The company announced its foray into Southeast
Asia with a long-term contract valued at SR803 million with Pertamina Drilling
Services Indonesia, according to a bourse filing.
ADES will operate Pertamina’s existing jack-up
drilling rig, Emerald Driller, located in the Java Sea. This contract,
comprising a three-year firm period and a two-year option, is slated to commence
in the second half of 2024.
With this expansion, ADES now operates in eight
countries.
“We are pleased with the opportunity to enter the
Indonesian market through our strategic partnership with Pertamina Drilling
Servies Indonesia, who is a leading drilling contractor in Southeast Asia, to
provide our best-in-class drilling service to Pertamina in Region 2,” said
Farouk.
With this award, he said ADES extends its
geographical footprint to a promising and demanding market, namely Indonesia and
Southeast Asia.