ADES bags 7-year renewal for jack-up rig
- Business & Finance
ADES International, a drilling and production services provider in the Middle East and North Africa, has been awarded a contract renewal for Admarine 657 rig.
The Admarine 657 is an ultra-shallow jack-up drilling rig. ADES acquired the Admarine 657 together with two other jack-ups, Admarine 655 and Admarine 656, from Nabors in June this year, adding $140 million to its backlog.
The renewal for Admarine 657, which is currently contracted and operating in Saudi Arabia, is effective after the expiry of its existing contract during the first quarter of 2019, ADES said on Thursday.
The renewal tenor is for seven years, including a two-year option, and is expected to add up to c.$150 million of backlog with the day rate broadly in line with the existing contract.
Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, commented: “We now have a long-term contracted visibility, underlining our ability to consistently sustain our backlog due to our customer-centric approach that delivers a tailored service with superior quality and an impeccable safety record.”