ADES Holding Company (ADES), a world leading oil and gas drilling services provider, announces that its subsidiary has received an award for six onshore contracts with Kuwait Oil Company (KOC).
The Award includes new contracts for four of the Company’s current operating rigs in Kuwait as well as two newbuild units.
The total estimated backlog for the Award is SAR 2.42 billion, including both firm and optional periods.
All six contracts are for deep drilling rigs in the 3,000hp category, a particularly niche and growing market in Kuwait.
All contracts under the Award are expected to commence during the second and third quarters of 2025 and will run for a five-year firm term with a one-year optional extension.
The Award marks a three-fold increase in ADES’ contracted fleet with Kuwait Oil Company over a 24-month period, rising from four rigs in early 2023 to a total of 12 rigs expected to be operating in Kuwait by 2025. It’s worth noting that currently the group has 10 onshore rigs operating with KOC in Kuwait.
Commenting on the award, Dr. Mohamed Farouk, CEO of ADES Holding said: “We are very pleased with KOC’s vote of confidence in ADES as exemplified in the scope and tenor of this Award. Securing such long-term contracts not only adds to the sustainability of our backlog and visibility of our business, but are also testament to ADES’ exceptional safety and operational performance which will see us triple the size of our contracted fleet in Kuwait from four to 12 rigs upon deployment in 2025. With these new awards, ADES has further solidified its position in the niche Kuwaiti onshore market, characterized by high barriers to entry and deep drilling deployments where ADES has consistently proven its abilities. I look forward to continuing this performance and delivering value to KOC in the coming years through our commitment to a best-in-class drilling service.”
