popular articles

Saudi Aramco renews two ADES onshore rigs for a decade

ADES has obtained 10-year contract renewals from Saudi Aramco for two onshore rigs in Saudi Arabia, strengthening its position in the Middle Eastern energy market.

Please share:

The Saudi group ADES announced that it has secured 10-year contract renewals from Saudi Aramco for two onshore rigs in Saudi Arabia. This information was published in a statement on the Saudi stock exchange Tadawul. The renewals, totaling 946 million Saudi riyals ($252 million), concern rigs ADES 13 and ADES 14. The new contract will take effect immediately after the expiration of the platforms’ initial term, the company said in its release.

The two rigs have been operational in Saudi Arabia since 2019. ADES, specializing in energy services, thus consolidates its collaboration with Saudi Aramco, the Saudi national oil company. This long-term contract renewal reflects the mutual trust between the two companies and the strategic importance of the Saudi market for ADES.

Strategic Expansion in Southeast Asia

In parallel with its activities in the Middle East, ADES has recently extended its presence in Southeast Asia. In September, the company acquired two jack-up rigs for $190 million from Vantage Drilling International. This acquisition marks ADES’s entry into the Malaysia-Thailand joint development area, a key region for the energy sector. The operation allows ADES to diversify its assets and establish itself in new high-potential markets.

In May, ADES strengthened its position in Thailand by signing a contract with PTT Exploration and Production (PTTEP), the country’s national oil and gas company. This strategic partnership is part of ADES’s desire to develop its activities in Asia and collaborate with major industry players.

Development in Kuwait and Egypt

In Kuwait, ADES won six contracts in May, significantly expanding its operational fleet in the country. These contracts cover the four rigs already in service as well as two new units under construction. According to forecasts, ADES will have tripled its contracted fleet in Kuwait by 2025, increasing from four to twelve rigs. This expansion is supported by information from S&P Global Commodity Insights, which highlights ADES’s growing importance in the region.

In Egypt, the company concluded in March a 10-year service agreement aimed at increasing production on two mature sites. This contract reflects ADES’s commitment to optimizing production on existing fields and establishing sustainable partnerships in the Egyptian energy sector. Egypt, being ADES’s country of origin, remains a crucial market for the company.

A Diversified International Portfolio

Currently, ADES operates 49 jack-up rigs and 38 onshore rigs across nine countries, including India, Egypt, and Qatar. This geographical diversification allows the company to minimize risks associated with a single market and take advantage of global opportunities in the oil and gas services sector. ADES’s presence on multiple continents strengthens its ability to meet the varied needs of its clients and adapt to market fluctuations.

ADES’s strategy is to expand its international reach while consolidating its relationships with national and international oil companies. The long-term contracts obtained with Saudi Aramco and other key partners illustrate this approach. By investing in new markets and increasing its fleet of rigs, ADES aims to grow its market share and strengthen its position among the leading drilling service providers.

Outlook for the Energy Services Sector

The renewal of contracts with Saudi Aramco comes in a context of growing demand for drilling services worldwide. National oil companies, particularly in the Middle East, are seeking to increase their production to meet global energy needs. Companies like ADES play an essential role by providing the expertise and resources necessary to support these objectives.

ADES’s expansion into regions such as Southeast Asia and the Middle East reflects a broader industry trend, where energy service providers seek to diversify their operations. This diversification is crucial to maintain growth and financial stability in the face of oil price fluctuations and regulatory changes.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Aircela has introduced a unit capable of producing gasoline directly from air, water, and renewable electricity, without using fossil resources.
Sustainability Partners will now manage the operational oversight of Ecofin’s U.S. portfolio, comprising solar and wind projects under contract with investment-grade electricity providers.
Sustainability Partners will now manage the operational oversight of Ecofin’s U.S. portfolio, comprising solar and wind projects under contract with investment-grade electricity providers.
Strathcona Resources reshapes its portfolio with the $2.84bn sale of Montney gas assets and a $45mn acquisition of the Hardisty Rail Terminal to refocus on heavy oil operations.
Strathcona Resources reshapes its portfolio with the $2.84bn sale of Montney gas assets and a $45mn acquisition of the Hardisty Rail Terminal to refocus on heavy oil operations.
Italian group Eni enters exclusive talks with Ares to sell a minority stake in Plenitude as part of a targeted funding strategy for its low-carbon subsidiaries.
Italian group Eni enters exclusive talks with Ares to sell a minority stake in Plenitude as part of a targeted funding strategy for its low-carbon subsidiaries.
SBM Offshore posted quarterly revenue of $1,103mn, driven by the Turnkey segment, while maintaining full-year targets and advancing the deployment of its floating units scheduled for 2025.
Shell paid $28.1bn to governments in 2024 for its extractive activities, with major flows reported in Nigeria, Malaysia and Oman, according to its regulatory disclosure in the United Kingdom.
Shell paid $28.1bn to governments in 2024 for its extractive activities, with major flows reported in Nigeria, Malaysia and Oman, according to its regulatory disclosure in the United Kingdom.
CGN Brasil and the government of Piauí have signed an agreement to develop a 1.4 GW energy complex combining solar, wind and storage, with a planned investment of $578mn.
CGN Brasil and the government of Piauí have signed an agreement to develop a 1.4 GW energy complex combining solar, wind and storage, with a planned investment of $578mn.
The iliad Group signs four new renewable electricity purchase agreements in France, Italy and Poland, bringing its total number of European energy projects to eight.
The iliad Group signs four new renewable electricity purchase agreements in France, Italy and Poland, bringing its total number of European energy projects to eight.
Italian industrialist Romano Minozzi now holds over 3% of Eni, valued at €1.2bn ($1.33bn), according to the latest data published by financial regulator Consob.
Enbridge reported a sharp rise in first-quarter 2025 results, driven by its hydrocarbon transport operations and recent acquisitions, while reaffirming its full-year financial outlook.
Enbridge reported a sharp rise in first-quarter 2025 results, driven by its hydrocarbon transport operations and recent acquisitions, while reaffirming its full-year financial outlook.
Axpo will manage balancing and market delivery of solar electricity supplied to Auchan in Poland under a structured agreement with GoldenPeaks Capital.
Axpo will manage balancing and market delivery of solar electricity supplied to Auchan in Poland under a structured agreement with GoldenPeaks Capital.
Energias de Portugal saw its profit rise by 21% in the first quarter, supported by expanded renewable capacity and favourable electricity market prices.
Energias de Portugal saw its profit rise by 21% in the first quarter, supported by expanded renewable capacity and favourable electricity market prices.
Aker ASA merges Aker Horizons and acquires a stake in SLB Capturi, consolidating its portfolio while preparing for a significant dividend distribution.
Coal India will supply 4,500 MW of renewable energy to AM Green under a memorandum of understanding to power its future green ammonia facilities nationwide.
Coal India will supply 4,500 MW of renewable energy to AM Green under a memorandum of understanding to power its future green ammonia facilities nationwide.
Driven by strong operational execution and robust demand across key segments, Siemens Energy reports double-digit revenue growth and upgrades its outlook for fiscal year 2025.
Driven by strong operational execution and robust demand across key segments, Siemens Energy reports double-digit revenue growth and upgrades its outlook for fiscal year 2025.
Italian group Enel exceeded analysts’ forecasts with €22bn ($23.66bn) in revenue in Q1 2025, driven by international operations.
Italian group Enel exceeded analysts’ forecasts with €22bn ($23.66bn) in revenue in Q1 2025, driven by international operations.
German group RWE has commissioned six new energy projects in the US, reaching a combined capacity of 999 MW across wind, solar and battery storage technologies.
Veolia acquires full ownership of Water Technologies and Solutions by purchasing the 30% stake held by CDPQ, further consolidating its growth strategy focused on industrial water technologies.
Veolia acquires full ownership of Water Technologies and Solutions by purchasing the 30% stake held by CDPQ, further consolidating its growth strategy focused on industrial water technologies.
Legrand reaffirms its annual targets after strong first-quarter growth driven by the expansion of data centres and solid commercial performance in the United States.
Legrand reaffirms its annual targets after strong first-quarter growth driven by the expansion of data centres and solid commercial performance in the United States.
Oil company Aker BP maintained stable production and strengthened its cash position in Q1 2025 while advancing key projects and new discoveries in the Norwegian Sea.
Oil company Aker BP maintained stable production and strengthened its cash position in Q1 2025 while advancing key projects and new discoveries in the Norwegian Sea.
Marathon Petroleum reported a net loss in Q1 2025 due to a major maintenance programme, while its midstream unit supported results with an 8% rise in adjusted EBITDA.
Stock exchange operator Euronext unveils thematic indices to channel capital into Europe's strategic energy, defence and aerospace sectors.
Stock exchange operator Euronext unveils thematic indices to channel capital into Europe's strategic energy, defence and aerospace sectors.
US distributor Sunoco will acquire Canada's Parkland for $9.1bn, including debt, in a mixed transaction and form a separate listed entity, SUNCorp, whose shares will be treated as corporate stock for tax purposes.
US distributor Sunoco will acquire Canada's Parkland for $9.1bn, including debt, in a mixed transaction and form a separate listed entity, SUNCorp, whose shares will be treated as corporate stock for tax purposes.
Shell announced the appointment of Colette Hirstius as President of Shell USA starting August 1, succeeding Gretchen Watkins after seven years in the role.
Shell announced the appointment of Colette Hirstius as President of Shell USA starting August 1, succeeding Gretchen Watkins after seven years in the role.

Advertising