ADES secures contract renewal for jack-up rig

ADES International, an oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has secured a contract renewal for the Admarine 262 jack-up rig in Saudi Arabia. 

ADES said in a statement on Tuesday that the Admarine 262 renewal had a five-year tenor, which would be effective upon the expiry of the current contract in April 2020, and would have a higher daily rate.

According to information on Bassoe Offshore, the 1982-built Admarine 262 rig has been under contract with Saudi Aramco since November 2014. Bassoe estimates that the dayrate for the extension will be $75,000.

Commenting on the contract award, Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said: “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.”

Offshore Energy Today Staff

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