Sign up
Oil Capital

ADES International renews contracts for six rigs in Saudi Arabia

All six rigs are contracted for a minimum of three years
oil rig
Six rigs are based in Saudi

Oil and gas rig supplier ADES International Holding PLC (LON:ADES) 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.”

PhilW.jpg
Why Invest In ADES International Holding PLC? Read More Here

Register here to be notified of future ADES Company articles
View full ADES profile View Profile
View All

Related Articles

© oil Capital 2019

Oil Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed oil companies to interact with institutional and highly capitalised investors.
Headquartered in London, Oil Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.