Aramco renews ADES jackup deal for 10 years

Saudi oil and gas driller ADES has signed a contract renewal for one of its offshore jackup rigs with compatriot Aramco.

The company did not disclose which rig this was, but did say that the unit was among the temporarily suspended rigs that were previously operating in Saudi Arabia.

The contract renewal is for a firm duration of 10 years, with the total backlog for the renewal estimated at SAR 1.61bn ($429m).

According to ADES, the rig is currently fulfilling a contract commitment in Thailand, and the exact start date of the contract with Aramco will be confirmed later.

Even though the rig was not revealed, the rig in question is likely the Admarine 502. Two ADES rigs suspended by Aramco won deals in Thailand. However, only the Admarine 502 is currently working in the country under an 18-month deal with PTTEP. The contract also includes a nine-month option to extend.

The second rig that won work in Thailand is the Admarine 503. It won a firm five-year term with a three-year extension option attached, but the rig is yet to start work in the country. It is set to start work under the deal in the second half of 2025.