ADES Holding wins $43mln contract for works in Egypt

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Suez Oil Company (SUCO) has awarded ADES Holding Company a SAR 161 million contract to use a standard jackup unit from the Saudi company’s fleet.

The jackup unit will be used for drilling works at the Gulf of Suez, according to a press release.

The 21-month contract is expected to commence in the coming weeks.

The latest contract follows ADES' recent wins in Qatar and Thailand, set to start in late 2024. With these, the total redeployments of rigs in Saudi Arabia now stand at three out of five jack-ups.

Mohamed Farouk, CEO of ADES Holding, said: “We are very excited to strengthen our relationship with SUCO with the deployment of one of our units in the Gulf of Suez. We are also very pleased with the Group’s ability to quickly market and secure new campaigns for three out of the five recently suspended rigs in KSA.”

“The speed at which the redeployments will occur, just weeks post their temporary suspension, demonstrates our agility, the strength of our global platform and our competitive position with a highly marketable and demanded fleet of jackup rigs during very tight market conditions,” Farouk added.

In March 2024, ADES signed a long-term service agreement with SUCO and Shukeir Marine Oil Company (OSOCO) to operate and enhance production in key oil brownfields in Egypt.