ADES completes acquisition of 2 jack-up rigs in Southeast Asia

ADES Holding Co. acquired two jack-up rigs from Vantage Drilling International Ltd. (Vantage Drilling) in Southeast Asia.

The acquisition came after all conditions precedent under the agreements, signed in September, were satisfied, the company said in a statement to Tadawul.

In September, ADES signed an asset purchase agreement (APA) to acquire a premium jack-up rig (Topaz) in Malaysia-Thailand and a sale and purchase agreement (SPA) to acquire the shares of Rig Finance Ltd. (RFL), the rig-owning entity of the premium jack-up rig, Soehanah, currently contracted in Indonesia.

The acquisition value is $105 million, SAR 393.75 million, the statement added.

According to data compiled by Argaam, ADES subsidiary ADES International Holding Ltd. entered into agreements to acquire two contracted premium jack-up rigs in Southeast Asia from Vantage Drilling International Ltd. for $190 million (subject to working capital adjustments upon the deal closure).