Riyadh - Mubasher: ADES Holding Company was awarded a SAR 345 million ($92 million) contract from Valeura Energy, a subsidiary of Valeura Energy Inc., to provide offshore drilling services in Thailand.
The agreement comprises a three-year tenor, with a one-year unpriced optional extension, according to a bourse disclosure.
Meanwhile, the operations are expected to commence in the fourth quarter (Q4) of 2026 after it finishes its current campaign in the region.
The award strengthens the Saudi group’s backlog visibility and supports disciplined fleet placement in one of the group's core operating markets.
The CEO of ADES Holding, Mohamed Farouk, said: “This award reflects the strength of our fleet, our disciplined approach to strategic fleet placement, and our continued ability to secure backlog in core markets where we see sustainable offshore demand.”
Farouk added: “This contract supports continuity of utilization for one of our jackup rigs, further strengthens our backlog visibility, and reinforces our long-term positioning in a region where we continue to see solid offshore activity and demand for drilling services.”
Last November, ADES Holding acquired Shelf Drilling Limited through a cash merger to fuel its global expansion strategy.
The company closes 2025 with 1.93% year-on-year (YoY) higher net profits attributable to the owners at SAR 818.01 million, backed by its global investments.
