ADES International wins two onshore drilling deals in Saudi Arabia

ADES International Holding has secured two onshore drilling contracts in Saudi Arabia, the oil and gas drilling and production services provider said in a statement.

Each of the secured contracts has tenure of seven years that will add a total estimated backlog of $150 million, the statement said.

Operations are due to commence in second half of 2019.

The group will order two new-build onshore rigs that meet the contract specifications for a total cost of up to $45 million.

“Our organic growth is in line with our strategy post the recent acquisitions and we expect to generate a strong return on this investment whilst delivering excellent customer service and value for money for our client,” Dr. Mohamed Farouk, CEO of ADES International Holding, said.