ADES wins three-rig $180m deal in Egypt

Saudi oil and gas driller ADES has won an extension for three of its offshore jackup rigs operating in Egypt.

The company said that the extensions were awarded by Egypt-based General Petroleum Company and cover the Admarine III and Admarine VI, which have been extended for a firm one-year period with an optional one-year extension expected to begin during 2025 and 2026 upon expiry of their current deals.

The third rig is the Admarine V, which has been extended for a firm three-year period with an optional one-year extension and is effective immediately.

The total backlog value of the extensions is SAR 673.5m ($179.6m). According to the company, the renewal rates are largely in line with ADES’ current contracted rates in the country.

This week, the company signed a contract renewal for one of its standard offshore jackup rigs previously suspended by Saudi Aramco. The contract was renewed for a firm duration of ten years and is estimated to be worth around $290m.