Drilling contractor ADES International said it has secured the renewal of a jack-up drill ship with a client in Saudi Arabia.
ADMARINE 262 renewal has a five-year tenor, which will be effective upon the expiry of the current contract in April 2020, and will have a higher daily rate, the MENA-focused company, which owns 13 jack-up drilling rigs, said in a statement.
Dr. Mohamed Farouk, chief executive officer of ADES International Holding, said the renewal with its “extremely valued and important client” further supports the company’s presence in Saudi Arabia and “underpins ADES's track record for securing renewals for our fleet which results in greater backlog visibility."
The ADMARINE 262 rig is a LeTourneau Class 82 SD-C type jack-up, built in 1982. It was previously owned by Hercules Offshore, a U.S. offshore drilling company.