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Saudi Arabia's ADES Holding Company is to acquire a contracted jack-up rig from Dubai offshore drilling company Vantage Drilling International Ltd for $105 million.
The jack-up rig, which is in the Malaysia Thailand Joint Development Area (JDA) in the Gulf of Thailand, will solidify the presence of its subsidiary ADES International Holding Ltd in Southeast Asia, the company said in a statement on Riyadh's Tadawul exchange.
An asset purchase agreement has been signed, with 10% of the purchase price to be paid on signing and 90% on closing of the transaction, the company said.
The company now operates seven of the rigs, used to drill oil and gas wells in shallow waters, across Indonesia, Thailand, India, and has 49 offshore assets in total.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)