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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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