ADES Holding inks $94.3mln with Thai oil company

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Under the contract, ADES Holding will operate a jack-up rig to support PTTEP's exploration and production activities, according to a bourse filing

Staff Writer, Mubasher

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ADES Holding Company has signed a SAR 354 million agreement with Thailand’s PTTEP Energy Development Company Limited (PTTEP) for offshore drilling services.

Under the contract, ADES Holding will operate a jack-up rig to support PTTEP's exploration and production activities, according to a bourse filing.

The contract was signed on 13 May 2024 with a duration of 18 months and an optional extension of 9 months.

ADES Holding’s net profits amounted to SAR 200.84 million in the first quarter (Q1) of 2024, a surge from SAR 89.41 million.

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