Offshore Saudi Arabia rig earns long-term renewal
Offshore staff
DUBAI, UAE– ADES International has renewed an existing contract offshore Saudi Arabia for the ultra-shallow water Admarine 657 rig.
The renewal, which comes into effect after the expiry of the existing contract in 1Q 2019, is for seven years (including a two-year option).
ADES expects the arrangement to add up to $150 million to its drilling fleet backlog, with the day rate broadly in line with the existing contract terms.
12/13/2018
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