Riyadh - Mubasher: ADES Holding Company has extended its contract for the Shelf Drilling Winner with Tenaz Energy Netherlands B.V. for operations in the Dutch sector of the North Sea, according to a press release.
The deal, which commenced in mid-November 2025, has been renewed for three years, instead of a one-year term, while maintaining the same optional terms.
Meanwhile, the total potential contract value, including the new firm term and both optional extension periods, is approximately SAR 832.24 million ($221.93 million).
This extension increases the Saudi company’s backlog and further enhances revenue visibility for the Shelf Drilling Winner while supporting continued utilization of the rig in the Dutch sector of the North Sea.
In the first quarter (Q1) of 2026, the net profits attributable to the shareholders of ADES Holding jumped by 21.78% to SAR 236.44 million from SAR 194.15 million a year earlier.
