ADES Holding Secures $470 Million in Offshore Drilling Contracts Across Saudi Arabia and Egypt

Riyadh, Saudi Arabia – April 2025 – ADES Holding Company, a leading provider of onshore and offshore drilling services in the Middle East and North Africa, has announced the successful renewal and extension of multiple offshore rig contracts in Saudi Arabia and Egypt. The combined value of these agreements is estimated at USD 470 million, boosting ADES' long-term revenue outlook and reaffirming its strong market presence.

🔹 Major Contract Renewal in Saudi Arabia

ADES has renewed a major contract for one of its standard offshore jack-up rigs in the Kingdom of Saudi Arabia. This particular unit was one of six rigs previously suspended but has now been reactivated under a new, long-term deal.

Key Highlights:

Contract Duration: 10 years (firm)
Location: The rig is currently operating in Egypt under a medium-term contract
Value Addition: Provides strong revenue visibility and strengthens backlog
Client Relationship: Reflects ADES' long-standing partnership in Saudi Arabia

This decade-long agreement highlights ADES' robust technical capabilities and its client’s confidence in the company’s performance and operational efficiency.

🔹 Offshore Rig Contract Extensions in Egypt

In addition to the Saudi contract, ADES has received official notifications for the extension of three jack-up rigs currently operating in Egypt. These rigs — Admarine III, Admarine V, and Admarine VI — are under contract with the General Petroleum Company (GPC).

Extension Details:

Admarine III & Admarine VI:
- Extended for a firm 1-year period
- Include an optional 1-year extension
- New term to begin in 2025 and 2026 upon expiry of current contracts
Admarine V:
- Extended immediately for a firm 3-year period
- Includes an optional 1-year extension

These renewals further highlight ADES' reputation for operational excellence and solidify its partnership with Egypt's energy sector leaders.

🌍 Strengthening Regional Presence

With these contract achievements, ADES continues to strengthen its position as a trusted drilling partner in the MENA region. The focus on long-term deals and client satisfaction has allowed the company to maintain stability and achieve sustainable growth, despite dynamic industry conditions.

ADES’ ongoing success underscores its commitment to delivering safe, reliable, and cost-effective offshore drilling services that align with the evolving demands of the oil and gas sector.

🔎 About ADES Holding Company

ADES Holding is a Saudi-based oilfield services provider with a significant footprint across the Middle East and North Africa. Known for its high-performance rigs and experienced workforce, ADES specializes in offshore and onshore drilling solutions and maintains a strong emphasis on safety, sustainability, and client satisfaction.

For more updates on energy, drilling, and oil & gas developments in Saudi Arabia and the region, stay tuned to Saudi Gulf News

ADES Holding Secures $470 Million in Offshore Drilling Contracts Across Saudi Arabia and Egypt