ADES wins SAR 439.6M contracts for 2 offshore rigs in India

ADES Holding Co. won contracts from Oil and Natural Gas Corporation Limited (ONGC) to operate two standard jack-up offshore rigs (Key Singapore and Admarine 10) in India.

In a statement to Tadawul, the company said each rig has a confirmed contract term of three years, with the total value of both contracts over the confirmed period, including mobilization fees, amounting to around SAR 439.6 million (approximately $117.2 million).

ADES said the contract awards will strengthen its position in India and add positively to the group’s presence in the market, reflecting continued demand for jack-up offshore rigs and providing greater visibility into the backlog across ADES’ international business platform.

Operations are expected to commence by the end of Q1 2027, following the completion of the two rigs’ current operating campaigns by the end of Q4 2026.

The company added that the awards reinforce its established presence in India and highlight its ability to maintain strong relationships with major national oil companies while ensuring fleet continuity. They also come amid improving market conditions in the regional jack-up rig sector, where higher utilization rates are supporting a more favorable contracting environment.