- vortextimes.com
- April 15, 2024
- 10:59 pm
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ADES Expands Global Presence by Securing Lucrative Contracts in Indonesia and Qatar :
16, 2024, Al Khobar, Saudi Arabia: Through a number of noteworthy contract acquisitions, ADES Holding Company, a preeminent worldwide supplier of oil and gas drilling services, has strengthened its position in the energy industry. The business recently declared that it had secured two significant contracts, demonstrating its dedication to growth and top-notch service delivery.
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Contract in Qatar:
ADES has secured a significant contract worth roughly $93.3 million with TotalEnergies, a major French energy company, in Qatar. The contract calls for the use of a jack-up rig and has a fixed one-year duration with three separate, six-month options. With intentions to move one of its jack-up rigs to Indonesia later in 2024, this development represents a calculated move by ADES to hold onto its market share in Qatar.
ADES Holding’s CEO, Dr. Mohamed Farouk, expressed his company’s happiness with the contract and highlighted how quickly it secured new campaigns for rigs that had been suspended in Saudi Arabia. “New capacities made available have allowed us to quickly find a technically suitable unit to maintain our three-rig presence in Qatar,” he said, underscoring the significance of responding to market dynamics.
Expansion into Indonesia:
ADES announced its entry into the Indonesian market in addition to its contract with Qatar, which represents a major step forward in the company’s global expansion strategy. ADES signed three contracts worth $293 million in November 2023, one of which was a long-term arrangement with Pertamina Drilling Services Indonesia. As part of this partnership, Pertamina’s current jack-up drilling rig, Emerald Driller, in the Java Sea will be managed. The agreement is for a fixed term of three years plus an option for two more years, starting in the second half of 2024.
These developments demonstrate ADES’s dedication to expanding its geographic reach and seizing new opportunities in important energy-related markets. With operations currently taking place in eight nations, ADES is solidifying its standing as a major force in the drilling services market worldwide.