ADES Holding Company, a world leading international oil and gas drilling services provider, has received a Letter of Award (LOA) from PTTEP Energy Development Company (PTTEP) for an offshore jack-up drilling contract in the Gulf of Thailand with an estimated backlog of SAR 1.035 billion. The award is for a five-year firm period plus an optional three-year extension, and will see the deployment of the Admarine 503, a sister rig to the Admarine 502, which began operations in Thailand during the third quarter of this year.
This milestone represents the deployment of the fourth rig from the suspended jackups in Saudi Arabia, underscoring ADES’ agility in addressing market demand and capitalizing on its global platform to quickly redeploy suspended rigs in record time. The new LOA further strengthens ADES’ position in Southeast Asia with five jackup rigs under contract in the region – including two in Thailand, two in Indonesia, and one in the Malaysia-Thailand Joint Development Area (JDA) – bringing its market share to ~12% (excluding the three rigs operating in India).
Key Highlights of the Award
• Rig: Admarine 503, a premium jack-up rig with offline capabilities tailored for factory-style drilling operations suited to the Gulf of Thailand.
• Contract Tenor: Five years firm plus an optional three-year extension, expected to commence in the second half of 2025.
• Backlog: Estimated backlog of SAR 1.035 billion (USD 276 million).
• Operational Synergies: With two identical rigs operating in the Gulf of Thailand and eight across the region (including three in India), ADES achieves greater operational efficiency and scale.
Commenting on the LOA, Dr. Mohamed Farouk, CEO of ADES Holding said: 'We are honored to receive this second award from PTTEP, which reflects their continued confidence in ADES’ operational excellence and safety performance following the successful startup of Admarine 502 earlier this year. We are thrilled to deepen our collaboration with PTTEP as part of their extensive development plans to meet the country’s energy needs.'
'Securing a 5+3 year contract in Thailand, a region traditionally known for shorter tenors, provides long-term visibility and enhances our regional hub. With five jackups in Southeast Asia and three jackups in India, we are gradually growing our market share in the region while increasing synergies across our operations, reinforcing ADES’ long-term strategic commitment to the region.'
'Finally, this award is testament to the agility of the Group and the strength of its global platform as it quickly redeployed four of its suspended rigs in Saudi Arabia in a short period, allowing us to confidently reaffirm our previously stated guidance for ADES’ strong full-year financial performance,' Farouk added.
Source: ADES
