ADES Holding’s jack-up rig
ADES Holding Co. announced today, May 13, the extension of its offshore drilling contract with North Oil Co. (NOC) in Qatar for the “Sapphire Driller” jackup rig, according to a Tadawul statement. 
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The extension includes a firm duration of four years, with three additional one-year options, allowing up to three years extension.
The total cumulative value, including optional extensions, is estimated at SAR 816 million ($217.6 million). The renewal comes at a better daily rate.
The contract adds significant revenue visibility and strengthens backlog sustainability, further supporting ADES’ long-term growth trajectory in the region.
The contract’s financial impact will be immediate, the statement said.
ADES Holding’s jack-up rig
ADES Holding Co. announced today, May 13, the extension of its offshore drilling contract with North Oil Co. (NOC) in Qatar for the “Sapphire Driller” jackup rig, according to a Tadawul statement.
For more news on listed companies
The extension includes a firm duration of four years, with three additional one-year options, allowing up to three years extension.
The total cumulative value, including optional extensions, is estimated at SAR 816 million ($217.6 million). The renewal comes at a better daily rate.
The contract adds significant revenue visibility and strengthens backlog sustainability, further supporting ADES’ long-term growth trajectory in the region.
The contract’s financial impact will be immediate, the statement said.
