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ADES International extends contract in the Middle East with improved rates

"We are delighted to secure this renewal for ADMARINE 262 with our extremely valued and important client,” said Dr Mohamed Farouk.

ADES International Holding PLC - ADES International extends contract in middle east with improved rates

Oil and gas contractor ADES International Holding PLC (LON:ADES) has announced a notable new contract renewal, securing the ADMARINE 262 rig with an important client in the Middle East.

ADES, in a statement, noted that the new deal is set with a higher daily rate and the renewal would be for five years starting after April following on from the expiry of the current contract.

READ: ADES lands first onshore deep-drilling contracts in Kuwait

"We are delighted to secure this renewal for ADMARINE 262 with our extremely valued and important client,” said Dr Mohamed Farouk, ADES chief executive.

“It further supports our presence in KSA and underpins ADES's track record for securing renewals for our fleet which results in greater backlog visibility."

Quick facts: ADES International Holding PLC

Price: 9.4 USD

LSE:ADES
Market: LSE
Market Cap: $404.41 m
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