Thailand, May 14, 2024 (The Energy Circle) - ADES Holding, a leading Saudi Arabian oil and gas drilling contractor, has secured a significant contract with PTT Exploration and Production (PTTEP), Thailand's national petroleum exploration and production company, marking a milestone agreement worth $94 million.

The contract spans an initial 18-month term, with the possibility of an extension for an additional nine months, as outlined in the letter of intent (LOI) mutually endorsed by the companies in March 2024. The operations are expected to start in the second half of 2024 and the project will utilise one of ADES' jack-up drilling rigs, following the terms of the LOI.

The contract's total value, including both firm and optional terms, amounts to approximately $94.4 million, including mobilisation costs, as earlier communicated by ADES Holding.

According to Mohamed Farouk, CEO of ADES Holding, this accolade from PTTEP underscores their trust in ADES' top-notch drilling services and advanced jack-up fleet.  He highlighted that this contract not only consolidates ADES' presence in the Southeast Asian market with a second rig but also demonstrates the company's commitment to exploring diverse growth avenues in promising new territories.