ADES signs contracts to operate 6 rigs in Kuwait for SAR 2.42B

ADES Holding Co. signed on Aug. 11, contracts to operate six onshore rigs in Kuwait by Kuwait Oil Co. (KOC) at a total value of SAR 2.42 billion, according to a statement to Tadawul.

Operations are estimated to start in Q2 and Q3 2025 and will extend for five years, with an option to extend the contract term for one year.

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

In May, ADES Holding said that its subsidiary received a SAR 2.4 billion award for six onshore contracts with KOC, data compiled with Argaam showed.