ADES scores jackup rig contract in Qatar

Saudi oil and gas driller Advanced Energy Services (ADES) has secured a jackup rig contract in Qatar worth up to about $93.3m with French energy major TotalEnergies.

The deal covers a firm one-year term in addition to three optional six-month extensions, the company said in a stock exchange filing.

The project is expected to start in the second half of 2024, maintaining ADES’ market share in Qatar after the planned relocation of one of the jackups to Indonesia, in the second half of 2024.

Earlier this month, ADES greed with its client in Saudi Arabia to temporarily suspend operations on five of its rigs in the Kingdom for up to 12 months.

“New capacities made available have allowed us to quickly find a technically suitable unit to maintain our three-rig presence in Qatar,” said Mohamed Farouk, CEO of ADES Holding.