ADES, Aramco renew Saudi platform contract for 10 years at SAR 1.61B

ADES Holding Co. renewed on May 18 the contract for one of its offshore platforms with Saudi Aramco for a period of 10 years, at an estimated cumulative value of SAR 1.61 billion ($429 million).

The contract renewal will significantly enhance revenue visibility and support the sustainability of the company’s backlog, ADES said in a statement to Tadawul.

The rig is currently operating under a contract in Thailand, the statement noted, adding that the start date of operations under the renewed contract will be confirmed at a later time.

The rig was among those suspended in Saudi Arabia earlier, ADES said.

The renewal reflects the longstanding and strong relationship between ADES and its client, and further reinforces the group’s positive outlook for its operations in Saudi Arabia.