ADES has successfully renewed an existing contract for the Admarine 657, an ultra-shallow offshore rig previously acquired in June 2018. The renewal for the rig, which is currently contracted and operating in Saudi Arabia, is effective after the expiration of its existing contract in Q1 2019. The renewal term is for seven years, including a two-year option, and is expected to add up to $150 million of backlog, with the dayrate broadly in line with the existing contract.
“We are delighted to have extended the contract for Admarine 657 with this important and valued customer,” Dr Mohamed Farouk, Chief Executive Officer of ADES International Holding, said. “We now have a long-term contracted visibility, underlining our ability to consistently sustain our backlog due to our customer-centric approach that delivers a tailored service with superior quality and an impeccable safety record. The acquisition of these ultra-shallow assets is looking very positive for our shareholders.”