ADES signs SAR 803M long-term drilling contract in Indonesia

ADES Holding Co. announced today, Dec. 31, signing a long-term drilling contract with Pertamina Drilling Services Indonesia (PDSI). The contract was awarded to ADES last month.  

In a statement to Tadawul, ADES said that the contract is binding for three years, with an option for a two-year extension. It was signed for one offshore jack-up rig from the company’s existing fleet.

The contract value, amounting to SAR 803 million (including the optional tenor), is expected to be realized over five years from the project’s commencement date, possibly in H2 2024.

There are no related parties to the deal, ADES added.

In November, ADES announced expanding its operations in the Southeast Asia, after receiving a letter of award (LoA) for a long-term contract with PDSI to operate its existing jack-up drilling rig in Java Sea, Indonesia, for Pertamina in Region 2, Argaam reported.

Source :Argaam