Saudi Arabia’s Ades secures $136.2m deals in Qatar, Egypt

Saudi Arabia’s Ades secures $136.2m deals in Qatar, Egypt

riyadh: Saudi Arabia’s Ades Holding Co. continues to expand its regional footprint as it seals two contracts worth SR511 million ($136.2 million), highlighting its growing influence in the oil and gas sector.

Ades, which specializes in providing drilling and intervention services, signed a contract valued at up to SR350 million with Total Energies to operate an offshore drilling platform in Qatar.

The agreement includes a mandatory one-year period with an option to extend it for up to an additional 18 months, according to a bourse filing.

Operations are slated to begin in the second half of 2024. The company emphasized that there are no related parties involved in this contract.

This contract comes on the heels of April’s announcement, where Ades was awarded the responsibility to operate another offshore drilling platform by Total Energies in Qatar.

This previous contract enables Ades to maintain its market presence robustly, as it will now operate three drilling platforms in the region.

This expansion comes after the company’s strategic move to transfer its Emerald Driller platform to Indonesia.

Moreover, Ades announced in a separate release that it was awarded a 21-month contract to operate an elevated platform in the Gulf of Suez.

The company received a direct award letter from the Suez