ADES Holding Company, an oil and gas drilling services provider that is part of Saudi Arabia-headquartered ADES Group, has landed long-term rig deals worth roughly $117 million with ONGC, locking in firm commitments for two standard jack-up rigs to work off the coast of India.
ADES’ new rig assignments have a contract duration of a three-year firm period for each rig and the total contract value for the firm periods of both rigs, including mobilization fees, of approximately SAR 439.6 million (approximately $117.2 million).
These contract awards with Oil and Natural Gas Corporation will enable the offshore drilling player’s Key Singapore and Admarine 10 standard jack-up rigs to undertake drilling activities in India.
The UAE firm outlined: “These latest awards further strengthen ADES’ long-standing presence in India and reflect the group’s ability to maintain strong relationships with leading national oil companies while securing continued deployment for its fleet.
“The awards come against a backdrop of improving market conditions in the regional jackup segment, with strengthening utilization supporting a more constructive contracting environment.”
According to ADES, the operations are expected to begin by the end of Q1 2027, following the completion of the rigs’ existing campaigns by the end of Q4 2026.
The rig owner highlights that these awards further strengthen its position in India, reflecting continued demand for offshore jack-up capacity and supporting further backlog visibility across the company’s international platform.
The deals with ONGC come shortly after ADES got more work for its 2007-built jack-up rig off the coast of Angola with Cabinda Gulf Oil Company (CABGOC), a subsidiary of the U.S.-headquartered energy giant Chevron.