ADES Holding Company has secured a contract award from Valeura Energy, a subsidiary of Canada-based Valeura Energy, for offshore drilling services in Thailand.

The total contract value is 345 million Saudi riyals ($92 million), excluding mobilisation and demobilisation, the company said in a statement to the Saudi stock exchange.

The contract includes a three-year firm period, with a one-year unpriced optional extension.

Operations are expected to commence in the fourth quarter of 2026 after ADES finishes its current campaign, as the rig is already located in the region, the statement said.

In March, ADES said a “handful” of offshore rigs in the GCC region have been subject to temporary suspensions due to the ongoing regional tensions. The company has deployed 123 rigs across 20 countries.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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