ADES, Aramco extend 2 onshore rig contracts for 10 years at SAR 946M

08:59 AM (Mecca time) Argaam
Logo ofADES Holding Co.

Logo of ADES Holding Co.

ADES Holding Co. signed, on Oct. 10, contract extensions for two onshore rigs operating in Saudi Arabia, for SAR 946 million.

 

In a statement to Tadawul, the company said it renewed contracts with Saudi Aramco for rigs ADES 13 and ADES 14 for additional 10 years.

 

For more news and details on the projects

 

Extension will commence immediately upon expiry of the rigs’ current tenor.

 

No related parties are included in the deal, the statement added.

 

The relatively long-term contract renewals add significant revenue visibility and backlog sustainability to the group, the company stated.

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