Saudi oil and gas driller ADES has secured its second contract in Thailand, marking the fourth redeployment of one of its suspended jackup rigs in the Kingdom.
The deal, estimated at about $276m, covers a firm five-year term for the Admarine 503 rig with a three-year extension option attached, the company said in a stock exchange filing.
The unit will join its sister rig the Admarine 502 in the second half of 2025.
Following the latest contract award, ADES will have five jackups operating in Southeast Asia – including two in Thailand, two in Indonesia, and one in the Malaysia-Thailand Joint Development Area. This will bring its market share to about 12%, excluding three rigs operating in India.
