ADES International, MENA drilling and production services company, said it has renewed a contract for the ultra-shallow water rig Admarine 67 for a client in Saudi Arabia for seven years.
Previously acquired in June this year, the rig is currently contracted and operating in Saudi Arabia, with an unnamed client. The extension of seven years, including two years of optional extension, will take effect from the original contract’s expiry of first quarter 2019, ADES said in a statement, adding that the rig is expected to add up to US$150 million of backlog with the day rate broadly in line with the existing contract.
“We now have a long-term contracted visibility, underlining our ability to consistently sustain our backlog due to our customer-centric approach that delivers a tailored service with superior quality and an impeccable safety record,” said Dr Mohamed Farouk, CEO of ADES International Holding. “The acquisition of these ultra-shallow assets is looking very positive for our shareholders."