2382 · 08/04/2025 08:01:26 · Announcement #86356 · View on Saudi Exchange

ADES Signs 10-Year Renewal for One of its Suspended Offshore Jackups in KSA

Element List	Explanation
Date of Announcement of the Award	2025-04-07 Corresponding to 1446-10-09
Contract Subject Matter	Contract For Offshore Drilling Services
The Entity with Which the Contract was Signed	A Major National Oil Company
Date of Signing the Contract	2025-04-07 Corresponding to 1446-10-09
Contract Value	Total backlog for the renewal is estimated at SAR 1,088 million (USD 290 million).
Contract Details	ADES Holding Co. announce that it has signed a contract renewal for one of its standard offshore jackup rigs. The unit was among the six suspended rigs that were previously operating in the Kingdom of Saudi Arabia (“KSA”). The renewal is testimony to ADES’ strong and long-standing relationship with its client and further strengthens the Group’s outlook in relation to its business in the KSA.
Contract Duration	The contract renewal is for a firm duration of ten years, adding significant long-term revenue visibility and backlog sustainability.
Financial Impact and the Relevant Period	The Rig is currently fulfilling a medium term contract in Egypt and the exact rig commencement date to be confirmed later with the client in KSA
Related Parties	N/A
Attached Documents

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