Riyadh - Mubasher: ADES Holding Company has signed a new offshore drilling services contract in Indonesia valued at approximately SAR 173.14 million ($46.17 million).
The agreement, signed on 26 October, with PT Pertamina Hulu Mahakam (PHM), includes mobilization and commencement fees for the jack-up rig Shelf Drilling Perseverance.
The contract features a firm operating period of 406 days, with an additional optional extension period of 30 days.
Operations are expected to commence in late December 2026 following the completion of the rig's current short-term assignment in the region.
This partnership marks the first collaboration between ADES and PHM, aimed at diversifying the group’s client base in Southeast Asia.
The company currently operates a global fleet of 86 offshore jack-up rigs and 40 onshore rigs across 21 countries, employing more than 11,000 personnel.
Management stated that the contract enhances the company's backlog visibility and reflects sustained demand for offshore drilling assets in the Indonesian market.
At the end of June 2026, the group’s net profits fell by 4.65% year-on-year (YoY) to SAR 364.97 million from SAR 382.76 million.
