ADES Holding Signs $94M Jack-Up Rig Deal with PTTEP

Tuesday, May 14, 2024

Saudi oil and gas drilling contractor ADES Holding has signed a contract with Thai national oil and gas company PTTEP for one of its modern jack-up drilling rigs, worth $94 million.

The contract, signed on May 14, 2024, is for an 18-month firm term plus a nine-month optional extension, according to the letter of intent (LOI) agreed by the companies in March 2024.

Operations are expected to commence during the second half of 2024, utilizing one of ADES’ modern jack-up drilling units, the LOI states.

The total contract value from the firm and optional terms is approximately $94.4 million (SAR 354 million), including mobilization, ADES Holding said in March.

“The award by PTTEP reflects the confidence placed in our best-in-class drilling services and our modern jack-up fleet. We are excited about the opportunity to establish a relationship with such an important client and are fully prepared to meet and exceed their expectations in the Gulf of Thailand.

“This award not only anchors our second rig in the Southeast Asian market, but also reaffirms our continued pursuit of diversified growth opportunities in exciting new markets and highlights our ability to provide tailored solutions for clients worldwide,” said Mohamed Farouk, CEO of ADES Holding, following the signing of the LOI.


Categories: Industry News Activity Asia Oil and Gas

Related Stories

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

Fugro Expands Geotechnical Testing Capabilities in Indonesia

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com