SUCO Awards ADES Jackup Drilling Contract

Monday, May 6, 2024

ADES Holding Company announced that it has received a Direct Award of Contract (DAC) from Suez Oil Company (SUCO) in Egypt for a 21-month jackup drilling contract in the Gulf of Suez. The contract is expected to commence in the coming weeks.

Key Highlights of the Awards

• The SUCO award in Egypt’s Gulf of Suez is for a firm 21-month term expected to start in the coming weeks. The drilling campaign will utilize a standard jackup unit from ADES’ fleet.
• The contract value from the firm term is approximately SAR 161 million.
• The new contract comes at an evident increase in daily rate compared to the Group’s current average rates in Egypt, reflecting the current tight market environment for the jack-up industry and translates into favorable impact on the Group’s overall profitability.

Commenting on the award, Dr. Mohamed Farouk, CEO of ADES Holding said: “We are very excited to strengthen our relationship with SUCO with the deployment of one of our units in the Gulf of Suez. We are also very pleased with the Group’s ability to quickly market and secure new campaigns for three out of the five recently suspended rigs in KSA. The speed at which the redeployments will occur, just weeks post their temporary suspension, demonstrates our agility, strength of our global platform and our competitive position with a highly marketable and demanded fleet of jackup rigs during very tight market conditions.”

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