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Oil and gas driller ADES Holding has picked up a long-term contract extension with Saudi Aramco for one of its jackup rigs. The listed operator of 49 offshore assets, including jackup rigs, barges, and mobile offshore production units, has fixed the 1980-built rig Admarine 657 for 10 years in a deal worth $351m. The extension will kick in in the third quarter of 2024 when the current contract with Aramco expires. “The extension comes at a time when the offshore jackup market is witnessing severe tightness, and such a ten-year extension adds a considerable amount of backlog which further supports future revenue growth and extends backlog visibility in line with the Group’s strategy,” remarked Mohamed Farouk, chief executive of ADES Holding. |
