ADES Holding Company said it has mutually agreed with its client in Saudi Arabia to temporarily suspend the operations on five of its 33 offshore jack-up rigs in the Kingdom for up to 12 months.

The suspensions will be effective for seven days from the signing date of the mutually agreed suspension notice, or when the work currently in progress is completed and the drilling unit is released, whichever is later, the company said in a statement to the Saudi stock exchange.

The client’s name was not given.

ADES said it will continue to actively market the remaining rigs globally, in line with its geographical expansion strategy and the pipeline of opportunities within and outside the MENA region.

With the current tight conditions in the global offshore jack-up market and elevated utilisation and daily rates, the company is well-positioned to capitalise on some of the most attractive opportunities, leveraging its high-quality assets, existing global platform, and access across nine different markets.

The company has a fleet of 87 rigs across nine countries, including 38 onshore drilling rigs, 46 jackup offshore drilling rigs, two jackup barges, and one mobile offshore production unit.

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(Editing by Anoop Menon) (

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