Saudi's ADES Holding Company (ADES) has received a Letter of Award (LOA) from France’s TotalEnergies for a jack-up drilling contract worth 350 million Saudi riyals ($93.30 million) in Qatar.

The contract, expected to commence in the second half of 2024, comprises a firm one-year term plus three optional six-month extensions, the company said in a statement published on the Saudi stock exchange.

The award will maintain ADES’ market share in Qatar with a three-rig operation after the planned relocation of its Emerald Driller to Indonesia, which is likely by the second half of 2024, the statement added.

Earlier this month, ADES said it had mutually agreed with its client in Saudi Arabia to temporarily suspend operations on five of its 33 offshore jack-up rigs in the Kingdom for up to 12 months.

(Editing by Anoop Menon) (

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