ADES Holding announced that it has signed a new drilling contract worth approximately SAR 173.14 million with PT Pertamina Hulu Mahakam to deploy the jack-up rig Shelf Drilling Perseverance in Indonesia. The agreement was signed on 26 October 2026.
The total contract value includes mobilization, demobilization, and commencement fees. The confirmed operating period runs for 406 days, with an optional extension of 30 additional days available under the terms of the deal.
Operations are expected to begin around the end of December 2026, once the rig completes its current short-term assignment in the region. The arrangement adds to ADES Holding's growing portfolio of international drilling contracts.
The deal reflects continued momentum for Saudi energy-sector companies as they expand their footprint across global markets. For investors and the wider business community, new international contracts of this kind support the sector's revenue base and strengthen the Kingdom's role in regional and worldwide energy services, in line with wider economic diversification goals.
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