ADES awarded jack-up contract in Indonesia

Pentamina Drilling Services Indonesia (PDSI) has awarded ADES a long-term contract for the jack-up Emerald Driller which will work in the Java Sea, Indonesia for Pertamina.

The Indonesia deal extends ADES’ footprint into eight country of operations. The contract comprises a three-year firm period and a two-year option. Work is expected to commence H2 2024. Emerald Driller will move to Indonesia after concluding its contract in Qatar. 

Additionally, ADES solidified its presence in Algeria with two five-year deals with Sonatrach for its two rigs ADES 810 and ADES 815, which are currently working in Egypt and are expected to commence operations with Sonatrach in Algeria H2 2024.

In all, the three contracts have added US$293M in contractual backlog.

ADES Holding chief executive Mohamed Farouk said, “We are pleased with the opportunity to enter the Indonesian market, through our strategic partnership with PDSI who is a leading drilling contractor in southeast Asia to provide our best-in-class drilling service to Pertamina in Region 2.” 

The company said the award in Indonesia comes at “a higher daily rate” compared with the company’s current average daily rate for jack-ups. The exact rate was not revealed but the company said it was a “high double-digit increase.”

Mr Farouk said, “With this award, ADES extends its geographical footprint to a very promising and demanding market, namely Indonesia and southeast Asia, a step that unlocks real potential for sustainable growth in this part of the world.”