Riyadh –  ADES Holding Company has received a letter of award (LOA) for an offshore jack-up drilling contract in the Gulf of Thailand with an estimated backlog of SAR 1.03 billion.

The Saudi group was awarded the deal from PTTEP Energy Development Company Limited (PTTEP) on 27 December 2024, according to a bourse filing.

It holds a tenor of a five-year firm period plus an optional three-year extension.

The award will see the deployment of the Admarine 503, a sister rig to the Admarine 502, which began operations in Thailand during the third quarter of (Q3) 2024.

This marks the fourth rig from the suspended jack-ups in Saudi Arabia, backing the company’s objectives to meet market demand and quickly redeploy suspended rigs in record time.

The new LOA further strengthens ADES’ position in Southeast Asia with five jack-up rigs under contract in the region, including two in Thailand, two in Indonesia, and one in the Malaysia-Thailand Joint Development Area (JDA)

Mohamed Farouk, CEO of ADES Holding said: “Securing a 5+3 year contract in Thailand, a region traditionally known for shorter tenors, provides long-term visibility and enhances our regional hub."

“With five jack-ups in Southeast Asia and three jack-ups in India, we are gradually growing our market share in the region while increasing synergies across our operations, reinforcing ADES’ long-term strategic commitment to the region,” Farouk added.

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