ADES International Renews Offshore Rig Contract

The oil and gas drilling and production services company ADES International said that it has renewed an existing contract for the offshore rig known as Admarine 657, which is currently operating in Saudi Arabia.

The renewal for Admarine 657 would come into effect after the expiry of its existing contract during first quarter of 2019, said the Middle East and North Africa (MENA)-focused drilling services provider.

The renewal tenor was for seven years, including a two-year option, and was expected to add up to circa $150m of backlog with the day rate broadly in line with the existing contract, the company said.

A stock exchange annoucement quoted Chief Executive Officer Dr. Mohamed Farouk as saying: "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."