The Ades Group, leading oil & gas drilling and production services provider in the Middle East and Africa, has secured 7 contract renewals for its rigs in Saudi Arabia.
The contracts cover offshore rigs Admarine 655, Admarine 656, Admarine 266 and Admarine 261, and onshore rigs ADES 40, ADES 799 and ADES 889.
Four of the rigs have a 10-year firm tenor, two rigs have a five-year firm tenor and one rig with a three-year firm tenor. The total backlog is estimated at c.US$ 950 million.