Riyadh – Mubasher: ADES International Holding Limited, a subsidiary of ADES Holding Company, entered into an agreement to acquire two contracted premium jackup rigs in Southeast Asia.
The Saudi company will purchase the rigs from Vantage Drilling International Limited for a total consideration of SAR 393.75 million ($105 million), according to a bourse disclosure.
The transaction marks a strategic move to anchor ADES Holding’s presence in Southeast Asia, a region poised for strong production growth against a backdrop of tight jackup market conditions.
It includes the direct asset acquisition of the TOPAZ jackup rig contracted in the Malaysia-Thailand Joint Development Area (JDA), marking ADES' entry into its 10th country of operation.
Under the deal, the Tadawul-listed company will acquire the shares of Rig Finance Limited (RFL), the owning entity of the SOEHANAH jackup rig in Indonesia. The addition of these two new rigs will enhance ADES' fleet in the India and SEA region.
The transaction will add to the 49 offshore assets currently owned by ADES Holding to continue to grow globally with a current presence in nine countries.
Mohamed Farouk, CEO of ADES Holding, said: “By acquiring these premium jackup rigs, we are not only enhancing our fleet but also entering a new, important market in the Malaysia-Thailand Joint Development Area.”
“With our ‘contract acquisition’ model minimising risk exposure, this acquisition is poised to have a direct and positive impact on our profitability, reinforcing our commitment to generating sustainable returns for our shareholders,” Farouk added.
In July, the listed company secured a 10-year contract extension for the Admarine 657 jackup rig in Saudi Arabia.
