ADES said the backlog associated with the one-year optional extension amounts to nearly SAR 195 million
ADES Holding Co. announced that the one-year optional extension period for the existing contract of the Shelf Drilling Tenacious rig in Angola has been exercised by a major international oil company. 
In a statement to Tadawul, the company said the backlog associated with the one-year optional extension amounts to approximately SAR 195 million ($52 million).
The optional extension period will commence immediately after the end of the rig’s current firm contract period in Q1 2027.
ADES noted the activation of the extension option underscores the region’s strong market fundamentals and the company’s continued role in supporting its clients’ operations.
ADES said the backlog associated with the one-year optional extension amounts to nearly SAR 195 million
ADES Holding Co. announced that the one-year optional extension period for the existing contract of the Shelf Drilling Tenacious rig in Angola has been exercised by a major international oil company.
In a statement to Tadawul, the company said the backlog associated with the one-year optional extension amounts to approximately SAR 195 million ($52 million).
The optional extension period will commence immediately after the end of the rig’s current firm contract period in Q1 2027.
ADES noted the activation of the extension option underscores the region’s strong market fundamentals and the company’s continued role in supporting its clients’ operations.
