Riyadh – Mubasher: ADES Holding Company received notifications of extension for three of its offshore jackup rigs operating in Egypt, with a total estimated backlog value of SAR 673.50 million ($179.60 million).
The extensions cover three contracted rigs with the General Petroleum Company (GPC), according to a bourse disclosure.
Admarine III and Admarine VI, which have been extended for a firm one-year period with an optional one-year extension, are expected to commence over the course of 2025 and 2026.
Meanwhile, Admarine V, which has been extended for a firm three-year period with an optional one-year extension, became started operating immediately.
The extensions foster ADES Holding’s backlog visibility and reinforce its strong market position.
On 7 April, ADES Holding renewed one of its standard offshore jackup rigs with A Major National Oil Company at an estimated value of SAR 1.08 billion ($290 million).
