ADES Holding Company (ADES), a leading provider of oil and gas drilling services, has announced that its subsidiary has been awarded six new onshore contracts by Kuwait Oil Company (KOC).
The award includes contracts for four of ADES’s existing rigs in Kuwait and two newbuild units. The total estimated value of the award is SAR 2.42 billion, covering both firm and optional periods.
All six contracts are for deep drilling rigs in the 3,000hp category, which is a specialized and expanding market in Kuwait. The contracts are set to begin in the second and third quarters of 2025, with each having a firm term of five years and an optional one-year extension.
This award represents a threefold increase in ADES’ contracted fleet with KOC over a 24-month period, expanding from four rigs in early 2023 to a projected total of 12 rigs by 2025. Currently, ADES operates 10 onshore rigs with KOC in Kuwait.
Dr. Mohamed Farouk, CEO of ADES Holding, commented: “We are thrilled with KOC’s confidence in ADES, as demonstrated by the scope and duration of this award. Securing these long-term contracts not only enhances the sustainability of our backlog and business visibility but also highlights ADES’ exceptional safety and operational performance. This expansion to 12 rigs in Kuwait underscores our strong position in the specialized onshore market, known for its high entry barriers and deep drilling requirements. We are committed to maintaining our high performance and delivering exceptional value to KOC in the years to come.”
