Riyadh – Mubasher: ADES Holding Company has signed a SAR 354 million agreement with Thailand’s PTTEP Energy Development Company Limited (PTTEP) for offshore drilling services.
Under the contract, ADES Holding will operate a jack-up rig to support PTTEP's exploration and production activities, according to a bourse filing.
The contract was signed on 13 May 2024 with a duration of 18 months and an optional extension of nine months.
ADES Holding’s net profits amounted to SAR 200.84 million in the first quarter (Q1) of 2024, a surge from SAR 89.41 million in Q1-23.
