Qatar Jackup Rig Contract Signed by ADES

Saudi Arabian oil and gas drilling company Advanced Energy Services (ADES) has been awarded a contract for a jackup rig in Qatar by the French energy giant TotalEnergies, valued at approximately $93.3 million.

The agreement includes a guaranteed one-year period with the possibility of extending it for three additional six-month terms, according to a notification made by the company to the stock exchange.

ADES anticipates the project will commence in the latter half of 2024. This start aligns with the company's strategic decision to retain its market share in Qatar, despite relocating one of its jackups to Indonesia during the same timeframe.

Earlier in the month, ADES agreed to a temporary halt in the operation of five rigs in Saudi Arabia, a suspension that could last up to a year as per discussions with its Saudi client.

Mohamed Farouk, CEO of ADES Holding, stated, "New capacities made available have allowed us to quickly find a technically suitable unit to maintain our three-rig presence in Qatar."