How many offshore assets does Ades have?

As ADES operations has continued to grow globally, so too has our ever-expanding fleet. We now have 49 offshore assets, including jackup rigs, barges, and mobile offshore production units, spanning seven countries. Client: Saudi Aramco.

Who is Ades holding 2024?

Our unwavering commitment to health, safety, and environmental responsibility lies at the heart of everything we do. ⓒ Ades Holding 2024. All rights reserved. A world-leading provider of jackup and land rigs to the oil and gas industry, operating over 85 drillings rigs in 7 countries.

When will Ades rigs be operational?

During 1Q 2024, ADES completed the deployment of its 19-rig mega tender in KSA, with all rigs being operational starting March 2024. Additionally, all six onshore rig contracts awarded in Kuwait were operational as of 1Q 2024, as well as all three rigs awarded in India.

How did Ades perform on its regional expansion plans?

“Strategically, ADES continued to deliver on its regional expansion plans, securing new awards that fall in line with its stated strategy of strengthening its presence in Southeast Asian and India markets.

How did Ades perform in 1Q 2024?

ADES consistently maintained higher-than-average utilization levels at 98.0% in 1Q 2024, testifying to the quality and efficiency of the Group’s operations. Total backlog stood at SAR 26.75 billion as of 1Q 2024, down by c.SAR 791 million during the quarter despite a revenue burn-rate of SAR 1.53 billion over the same period.

When did Ades get a jackup contract?

Finally, in May 2024, ADES was awarded a 21-month jackup drilling contract in Egypt by Suez Oil Company (SUCO). Together, the new awards in Egypt, Qatar and Thailand bring the Group’s total redeployments of the temporarily suspended rigs in Saudi Arabia to three out of five jackups.