ADES Holding Company, a world leading international oil and gas drilling services provider, has received a Letter of Award (LOA) from PTTEP Energy Development Company Limited (PTTEP) for an offshore jack-up drilling contract in the Gulf of Thailand with an estimated backlog of $276 million.
The award is for a five-year firm period plus an optional three-year extension, and will see the deployment of the Admarine 503, a sister rig to the Admarine 502, which began operations in Thailand during the third quarter of this year.
This milestone represents the deployment of the fourth rig from the suspended jack-ups in Saudi Arabia, underscoring ADES’ agility in addressing market demand and capitalising on its global platform to quickly redeploy suspended rigs in record time.
The LOA further strengthens ADES’ position in Southeast Asia with five jack-up rigs under contract in the region – including two in Thailand, two in Indonesia, and one in the Malaysia-Thailand Joint Development Area (JDA) – bringing its market share to around 12% (excluding the three rigs operating in India).
Award Highlights
Admarine 503, a premium jack-up rig with offline capabilities tailored for factory-style drilling operations suited to the Gulf of Thailand. The contract tenor is for five years plus an optional three-year extension, expected to commence in the second half of 2025.Operational Synergies: With two identical rigs operating in the Gulf of Thailand and eight across the region (including three in India), ADES achieves greater operational efficiency and scale.
With two identical rigs operating in the Gulf of Thailand and eight across the region (including three in India), ADES achieves greater operational efficiency and scale.
Reposed Confidence
ADES Holding CEO Dr Mohamed Farouk said that the second award from PTTEP reflected their continued confidence in the company’s operational excellence and safety performance following the successful start-up of Admarine 502 earlier this year.
He also said that they were thrilled to deepen our collaboration with PTTEP as part of their extensive development plans to meet the country’s energy needs.
Securing a 5+3-year contract in Thailand, a region traditionally known for shorter tenors, provides long-term visibility and enhanced the country’s regional hub. With five jack-ups in Southeast Asia and three in India, ADES Holding is gradually growing its market share in the region while increasing synergies across its operations, reinforcing the company’s long-term strategic commitment to the region, he explained.
“This award is a testament to the agility of the ADES Holding Group and the strength of its global platform as it quickly redeployed four of its suspended rigs in Saudi Arabia in a short period, allowing us to confidently reaffirm our previously stated guidance for ADES’ strong full-year financial performance,” Dr Farouk added.
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