ADES, SUCO Seal Jack-Up Drilling Contract in Egypt

ADES Holding Company has announced the official signing of a Jack-Up Drilling Contract with Egypt’s Suez Oil Company (SUCO).

The signing of the two years contract took place on June 13, as operations are expected to start in H2 of 2024, ADES said in a disclosure to the Saudi Exchange.

The company has declared that the contract tenor has been amended from the previously reported 21 months announced in May, to be two years, which raised the contract value from SAR 161 million to approximately SAR 185 million.

According to the contract, SUCO will utilize a standard jack-up rig from ADES’s fleet and is expected to begin shortly.