Riyadh – Mubasher: ADES Holding Company has entered a charter agreement for its premium jackup rig, Admarine 511, with Constellation Oil Services Holding to execute a contract for Petrobras in Brazil.
This agreement marks the Saudi group’s entry into the Brazilian market, expanding its global footprint in Latin America through innovative and differentiated business models.
The total additional backlog for the Charter is estimated at SAR 319 million ($85.10 million), including mobilization and demobilization fees.
The agreement holds a tenor of around 38 months, with an optional extension of 472 days, bringing the potential total term to four and a half years.
Admarine 511 is currently at the ASRY yard in Bahrain, undergoing contract preparation for the Brazil campaign, which is expected to commence in the fourth quarter (Q4) of 2025.
Mohamed Farouk, CEO of ADES Holding, said: “We are excited to enter the Brazilian market through this strategic Charter with Constellation to support Petrobras, Brazil’s national oil company.”
Farouk added: “This agreement not only expands our global footprint but also enhances our business sustainability with a long-term contract that strengthens our backlog and provides extended cash flow visibility.”
At the end of December 2024, ADES Holding recorded 80.54% year-on-year (YoY) higher net profits at SAR 816.19 million, compared to SAR 452.07 million.
