ADES signs SAR 185M jack-up drilling contract with Egypt's SUCO

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ADES Holding Co. signed today, June 13, a jack-up drilling contract worth approximately SAR 185 million with Egypt's Suez Oil Co. (SUCO), the company said in a filing to Tadawul.

The two-year contract aims to operate a standard jack-up rig in Egypt from ADES' current fleet, with operations expected to commence in the second half of 2024.

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There are no related parties to the contract, the statement added.

The contract duration announced during the awarding on May 5, 2024 was 21 months but became two years as per the signed contract. This led to a change in the contract value from approximately SAR 161 million to SAR 185 million.

On May 2, 2024, ADES received a direct award contract worth SAR 161 million from SUCO for jack-up drilling rig in the Gulf of Suez over 21 months, according to data available with Argaam.