Arab Finance: The Saudi drilling services provider ADES Holding Company has inked a jack-up rig contract worth SAR 185 million with Egypt’s Suez Oil Company (SUCO) to oversee offshore drilling operations in Egypt, according to a disclosure on Saudi Exchange (Tadawul).

Work under this agreement is scheduled to commence in the second half (H2) of 2024.

Originally slated for a 21-month duration when awarded on May 5th, the contract's terms have been extended to 24 months, prompting an increase in its worth from approximately SAR 161 million to SAR 185 million.

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