Proactive Investors - Run By Investors For Investors

ADES International secures seven-year contract renewal in Saudi Arabia

"We are delighted to have extended the contract for Admarine 657 with this important and valued customer,” said chief executive Mohamed Farouk
ADES
The contract renewal is expected to add up to US$150mln of backlog

Oil and gas services provider ADES International Holding Ltd (LON:ADES) has secured an extension on its contract for the Admarine 657 offshore rig in Saudi Arabia.

The renewal is for a further seven years and is expected to add up to US$150mln of backlog with the day rate broadly in line with the existing contract. The contract will begin after the previous one ends in the first quarter of 2019.

READ: ADES International completes Saudi Arabia rig purchases from Weatherford

"We are delighted to have extended the contract for Admarine 657 with this important and valued customer,” said chief executive Mohamed Farouk.

“We now have a long-term contracted visibility, underlining our ability to consistently sustain our backlog due to our customer-centric approach that delivers a tailored service with superior quality and an impeccable safety record. The acquisition of these ultra-shallow assets is looking very positive for our shareholders.”

Shares were little changed in morning trading at 14p. 

View full ADES profile View Profile

ADES International Holding PLC Timeline

Related Articles

oil rig
May 03 2019
The order backlog at the end of February totalled US$1.5bn

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use