Oil and gas rig supplier () has renewed contracts for six onshore operating rigs in Saudi Arabia that it acquired in December.
All six rigs are contracted for a minimum of three years, starting in February, and they will add up to US$228mln to the contract pipeline.
Mohamed Farouk, Ades’ chief executive said the renewals take the current backlog to US$1.5 bn.
“They further underpin our revenue expectations for 2019 and significantly add to our long-term revenue visibility.”
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