Saudi-listed ADES Holding Company has signed an offshore drilling services contract with Thailand’s PTTEP Energy Development Company for 354 million Saudi riyals ($94.39 million).

The jackup drilling contract is valid for 18 months with an option to extend for another nine months, the company said in a statement to the Saudi stock exchange on Tuesday.

The contract will start in the second half of 2024, the statement added.

(Writing by P Deol; Editing by Bhaskar Raj)

(anoop.menon@lseg.com)

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