ADES Holding, Saudi Arabia announces in a statement that it completes the signing of the recent 6 onshore contract awards in Kuwait with Kuwait Oil Company (KOC).
The approximate Contract value is SAR 2.42 billion.
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 includes new contracts for four of the Company’s current operating rigs in Kuwait as well as two newbuild units.
The Company earlier stated that, all six contracts are for deep drilling rigs in the 3,000hp category, a particularly niche and growing market in Kuwait.(read more)
