ADES secures five-year jackup rig renewal with Saudi Aramco

Egyptian offshore driller ADES International has sealed a contract renewal for 1982-built jackup rig Admarine 262.

The renewal, with Saudi Aramco, commences upon the expiry of the current contract in April 2020 and is for five years at a higher daily rate than the previous contract.

Dr Mohamed Farouk, chief executive officer of ADES International Holding, commented: “We are delighted to secure this renewal for Admarine 262 with our extremely valued and important client. It further supports our presence in KSA and underpins ADES’s track record for securing renewals for our fleet which results in greater backlog visibility.”