ADES said operations are expected to begin around the end of Dec. 2026
ADES Holding Co. signed a new contract for its jack-up rig Shelf Drilling Perseverance in Indonesia with PT Pertamina Hulu Mahakam (PHM), with a total value of approximately SAR 173.14 million ($46.17 million) for the firm and optional periods, including mobilization and commencement fees. 
In a statement to Tadawul, the company said the firm contract period is 406 days, with an additional optional extension of 30 days.
Operations are expected to begin around the end of December 2026, following completion of the rig’s current short-term operational assignment in the region.
ADES said the contract marks the start of a new relationship between ADES and PHM, expanding the group’s customer base in Southeast Asia and laying the groundwork for further cooperation in Indonesia.
It also strengthens ADES’ position in Southeast Asia and represents a positive addition to the group’s regional operations, reflecting continued demand for offshore jack-up rigs and supporting greater visibility for its global backlog.
ADES said operations are expected to begin around the end of Dec. 2026
ADES Holding Co. signed a new contract for its jack-up rig Shelf Drilling Perseverance in Indonesia with PT Pertamina Hulu Mahakam (PHM), with a total value of approximately SAR 173.14 million ($46.17 million) for the firm and optional periods, including mobilization and commencement fees.
In a statement to Tadawul, the company said the firm contract period is 406 days, with an additional optional extension of 30 days.
Operations are expected to begin around the end of December 2026, following completion of the rig’s current short-term operational assignment in the region.
ADES said the contract marks the start of a new relationship between ADES and PHM, expanding the group’s customer base in Southeast Asia and laying the groundwork for further cooperation in Indonesia.
It also strengthens ADES’ position in Southeast Asia and represents a positive addition to the group’s regional operations, reflecting continued demand for offshore jack-up rigs and supporting greater visibility for its global backlog.
