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ADES International renews contracts for six rigs in Saudi Arabia

All six rigs are contracted for a minimum of three years

oil rig
Six rigs are based in Saudi

Oil and gas rig supplier ADES International Holding PLC (LON:ADES) has renewed contracts for six onshore operating rigs in Saudi Arabia that it acquired in December.

All six rigs are contracted for a minimum of three years, starting in February, and they will add up to US$228mln to the contract pipeline.

Mohamed Farouk, Ades’ chief executive said the renewals take the current backlog to US$1.5 bn.

“They further underpin our revenue expectations for 2019 and significantly add to our long-term revenue visibility.”

Quick facts: ADES International Holding PLC

Price: 11.95 USD

LSE:ADES
Market: LSE
Market Cap: $518.92 m
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