Saudi Company ADES Secures Second Contract in Thailand
Saudi oil and gas driller ADES has recently announced the successful securing of its second contract in Thailand, marking the fourth redeployment of one of its suspended jackup rigs in the Kingdom.
The contract, valued at approximately $276 million, encompasses a firm five-year term for the Admarine 503 rig with a three-year extension option, as stated in a stock exchange filing by the company.
The Admarine 503 rig is set to join its sister rig, the Admarine 502, in the latter half of 2025.
With the addition of this new contract, ADES will see the operation of five jackup rigs in Southeast Asia, including two in Thailand, two in Indonesia, and one in the Malaysia-Thailand Joint Development Area. This expansion will elevate the company’s market share to approximately 12%, excluding the three rigs currently operating in India.