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Saudi oil and gas driller ADES has signed a multi-year contract extension for one of its jackup rigs.
ADES signed a deal for the 2009-built Sapphire Driller with what it described as a “major operator in Qatar”.
The extension is for a firm duration of four years, with three additional one-year options. If all options are exercised, the rig could be busy through 2032.
The total contract backlog covering both the firm and optional periods is estimated at around SAR 816m ($217.5m). According to the company, the extension was signed on a better daily rate than the previous deal.
ADES stated that the contract added significant revenue visibility and strengthened backlog sustainability, further supporting its long-term growth trajectory in the region.
The post ADES bags multi-year extension for jackup in Qatar appeared first on Energy News Beat.
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