News & Announcements

ADES

13 June, 2024 15:50

ADES Holding Company Completes the signing of a Jack-up Drilling Contract in Egypt with SUCO

Element List	Explanation
Date of Announcement of the Award	2024-05-05 Corresponding to 1445-10-26
Contract Subject Matter	Contract for Offshore Drilling Services
The Entity with Which the Contract was Signed	Suez Oil Company (SUCO)
Date of Signing the Contract	2024-06-13 Corresponding to 1445-12-07
Contract Value	Approximately SAR 185 million
Contract Details	2-years firm contract with SUCO in Egypt for a standard jack-up rig from ADES' current fleet.
Contract Duration	2-years firm contract.
Financial Impact and the Relevant Period	Operations are expected to commence in the second half of 2024
Related Parties	N/A
Additional Information	Its worth noting that the duration of the contract award announced on 05 May 2024 was 21 months but became 2-years according to the signed contract, which lead to the change in contract value from approximately SAR 161 million to approximately SAR 185 million

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