ADES International Holding Ltd. (ADES) a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), is pleased to announce that it has successfully renewed an existing contract for Admarine 657 (an ultra-shallow offshore rig previously acquired in June 2018).
The renewal for Admarine 657, which is currently contracted and operating in Saudi Arabia, is effective after the expiry of its existing contract during Q1 2019. The renewal tenor is for seven years (including a two-year option) and is expected to add up to c. US$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 are delighted to have extended the contract for Admarine 657 with this important and valued customer. 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. The acquisition of these ultra-shallow assets is looking very positive for our shareholders".
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/13122018/ades-secures-a-seven-year-contract-in-saudi-arabia/
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