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13 Dec 2018 | 08:50

Ades International renews contract for offshore rig

Ades International, an oil & gas drilling and production services provider, said Thursday it had renewed an existing contract for offshore rig Admarine 657.

The renewal for Admarine 657, currently contracted and operating in Saudi Arabia, would come into effect after the expiry of its existing contract during first quarter of 2019.

The renewal tenor was for seven years, including a two-year option, and was expected to add up to circa $150m of backlog with the day rate broadly in line with the existing contract, the company said.

At 8:50am: (LON:ADES) ADES International Holding Ltd share price was -0.03p at 13.95p

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