7th Jan 2020 10:45
(Alliance News) - ADES International Holding PLC said Tuesday its has secured a contract renewal for the Admarine 262 jackup rig with an unnamed client.
The contract renewal has a five-year term, which will start from when the current contract expires in April, and it has a higher daily rate.
"We are delighted to secure this renewal for ADMARINE 262 with our extremely valued and important client. It further supports our presence in Saudi Arabia and underpins ADES's track record for securing renewals for our fleet which results in greater backlog visibility," said Chief Executive Officer Mohamed Farouk.
Shares in the Dubai-based oil & gas drilling services provider remained flat on Tuesday at USD12.50 in London.
By Dayo Laniyan; [email protected]
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