PROJECTS: Saudi's ADES Holding renews jack-up rig contract with QatarEnergy

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First published: 03-Sep-2025 11:42:12Staff WriterSaudi-listed ADES Holding Co. has signed a multi-year extension contract for Aquamarine Driller, a jack-up rig, with state-owned QatarEnergy.The total estimated contract value is 808 million Saudi riyals ($215 million), including both firm and optional extensions, the company said in a statement.The extension includes a firm duration of four years and three additional one-year options. In May, the company renewed its long-term contract for the Sapphire Driller jack-up rig in Qatar.The extension is effective immediately, the statement said. QatarEnergy is currently focusing on the North Field, one of the world's largest offshore gas fields, with the North Field East and North Field South projects under construction. These projects will boost LNG production capacity from 77 million tons per annum (mtpa) to 142 mtpa by 2030. According to the ADES board report for 2024, revenue from Qatar increased by 3.2 percent to SAR 356.1 million in 2024 compared to SAR 344.9 million in 2023, following the relocation of the ADM 691 rig from Saudi Arabia to Qatar.(Editing by Anoop Menon)([email protected])Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

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