ADES Holding Co. received notifications to resume one of its offshore drilling contracts, along with several onshore drilling contracts in the Kingdom of Saudi Arabia.
According to a statement to Tadawul, the company expects operations under the offshore drilling contract to resume in January 2026.
ADES stated that it plans to deploy the Admarine 510 rig for the offshore contract. The rig recently secured a contract in Cameroon and is currently undergoing preparations in Bahrain, located close to the Kingdom.
In parallel, ADES will deploy the Admarine 501 rig to execute the Cameroon contract once it completes its current assignment in Nigeria, which has a total duration of six months (firm period plus optional extension). The company noted that this provides visibility for the rig’s operations for up to two years.
ADES added that, alongside the resumption of the offshore contract, it will restart several onshore rigs in Saudi Arabia that were temporarily suspended, as previously disclosed in its H1 2025 financial results report.
The company pointed out that the resumption of these contracts collectively strengthens its long-term confidence in its domestic market. Overall, the return of rigs to operation in Saudi Arabia comes amid continued strong global market conditions, with jack-up rig utilization exceeding 90% and robust day rates.
ADES Holding Co. received notifications to resume one of its offshore drilling contracts, along with several onshore drilling contracts in the Kingdom of Saudi Arabia.
According to a statement to Tadawul, the company expects operations under the offshore drilling contract to resume in January 2026.
ADES stated that it plans to deploy the Admarine 510 rig for the offshore contract. The rig recently secured a contract in Cameroon and is currently undergoing preparations in Bahrain, located close to the Kingdom.
In parallel, ADES will deploy the Admarine 501 rig to execute the Cameroon contract once it completes its current assignment in Nigeria, which has a total duration of six months (firm period plus optional extension). The company noted that this provides visibility for the rig’s operations for up to two years.
ADES added that, alongside the resumption of the offshore contract, it will restart several onshore rigs in Saudi Arabia that were temporarily suspended, as previously disclosed in its H1 2025 financial results report.
The company pointed out that the resumption of these contracts collectively strengthens its long-term confidence in its domestic market. Overall, the return of rigs to operation in Saudi Arabia comes amid continued strong global market conditions, with jack-up rig utilization exceeding 90% and robust day rates.
