ADES wins SAR 350M contract from TotalEnergies for jack-up rig in Qatar

ADES Holding Co. received a letter of award for a project worth SAR 350 million from TotalEnergies Co. to operate a jack-up rig in Qatar, including the mandatory and optional extension periods.

The contract includes a firm one-year term and three optional six-month extensions, the company said in a statement to Tadawul.

The project is expected to start in H2 2024, the statement said, noting that the company will use one of its jack-up drilling units.

The contract will allow ADES to maintain its market share in Qatar by operating three drilling rigs after the planned departure of its Emerald Driller jack-up rig to Indonesia in the second half of 2024.