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Saudi Ades Unveils $290mln Contract Awards in Indonesia, Algeria


Ades Holding Company has secured three awarded contracts at an aggregated value exceeding SAR 1.09 billion ($293 million), according to a press release.

The Saudi firm expanded its global footprint into Indonesia with the first long-term contract with Pertamina Drilling Services Indonesia (PDSI) at an amount of SAR 803 million.

Under the deal, which comprises a three-year firm period and a two-year option, the company will operate its existing jackup drilling rig Emerald Driller in the Java Sea.

Meanwhile, the work is expected to commence during the second half (H2) of 2024, utilising the existing jackup drilling unit that will move to Indonesia immediately after concluding its contract in Qatar.

Mohamed Farouk, CEO of ADES Holding, said: “With this award, ADES extends its geographical footprint to a very promising and demanding market, namely Indonesia and Southeast Asia, a step that paves the way and unlocks real potential for sustainable growth in this part of the world.”

Contract Awards with Sonatrach in Algeria

Ades Holding will bolster its presence in Algeria through an award of two long-term contracts (LOA) by Sonatrach for two of its existing onshore rigs.

The Tadawul-listed firm won a five-year contract at a value of SAR 296 million for two of its existing onshore rigs, which are currently working in Egypt.

ADES 810 and ADES 815 are expected to commence operations with Sonatrach during H2-24.

In the first nine months (9M) of 2023, the net profits after Zakat and tax of Ades Holding amounted to SAR 283 million, higher by 60.80% year-on-year (YoY) than SAR 176 million.

Source: Zawya