Saudi-listed ADES Holding Company has signed an offshore drilling services contract with France’s TotalEnergies in Qatar for 350 million Saudi riyals ($93.32 million).

The contract is valid for one year with an option to extend for another 18 months, the company said in a statement to the Saudi stock exchange on Monday.

The contract will start in the second half of 2024.

ADES received a direct award of contract (DAC) from Suez Oil Company (SUCO) in Egypt for three jackup drilling rigs in the Gulf of Suez, which is expected to commence in the coming weeks.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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