ADES secured two onshore drilling contracts in Saudi Arabia, which it says will add an estimated order backlog of $150mn. ADES said it will order two new-build onshore rigs costing upt o $45mn.
Each of the contracts has a seven year tenure, with five years fixed and two years optional. Operations are slated to begin in the second half of 2019.
"ADES' reputation for operational excellence and its exemplary safety record allow it to bid for and win competitive tenders across the region," said Dr. Mohamed Farouk, ADES International Holding CEO. "We have leveraged this strength to build a substantial presence in Saudi Arabia's onshore and offshore markets with long term, secure contracts."
"Organic growth is in line with our strategy post the recent acquisitions and we expect to generate a strong return on this investment whilst delivering excellent customer service and value for money for our client," he continued.