ADES extends 3 offshore jack-up contracts in Egypt for SAR 673.5M

ADES Holding Co. received a notice of extension from the General Petroleum Co. (GPC) for three offshore jack-up rigs in Egypt for SAR 673.5 million ($179.6 million), according to a statement to Tadawul.

The contracts of two rigs: Admarine III and Admarine VI will be extended for a confirmed year with an option to extend for another year. These extensions will take effect during 2025 and 2026 after the expiration of their current contracts.

The contract of the third Rig, Admarine V, was extended for a confirmed three years with an option for a one-year extension, and this extension will take effect immediately.

These extensions will further solidify ADES’ position in the Egyptian market and boost the daily rates compared to the Group’s current average rates in Egypt.