ADES wins jack-up rig contract in Thailand with backlog of SAR 1.04B

ADES Holding Co. received a letter of award from PTTEP Energy Development Co. Ltd. (PTTEP) for an offshore jack-up drilling contract in the Gulf of Thailand, with an estimated backlog of SAR 1.035 billion.

In a statement to Tadawul, the company said that the award is for a five-year confirmed period plus an optional three-year extension, and will see the deployment of the ADMARINE 503, a sister rig to the ADMARINE 502, which began operations in Thailand in the third quarter of this year.

This milestone represents the deployment of the fourth rig from the suspended jack-ups in Saudi Arabia, ADES stated.

The new LOA further strengthens ADES’ position in Southeast Asia with five jack-up rigs under contract in the region – including two in Thailand, two in Indonesia, and one in the Malaysia-Thailand Joint Development Area (JDA) – bringing its market share to nearly 12% (excluding the three rigs operating in India).

According to data available on Argaam, ADES announced in April 2024 that it mutually agreed with its client in Saudi Arabia to suspend the operations at five of its 33 offshore jack-up rigs in the Kingdom, for a period that may extend up to 12 months.