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18 Feb 2019 | 09:20

Ades International wins two drilling contracts in Saudi Arabia

Ades International, an oil & gas drilling and production services provider, said Monday it had secured two onshore drilling contracts in the Kingdom of Saudi Arabia, following a competitive tender process.

Each of the secured contracts had a tenure of seven years - five years fixed and two years optional - that would add a total estimated backlog of about US$150m.

Operations were due to commence in the second half of 2019, the company confirmed.

The company said it would order two new-build onshore rigs that meet the contract specifications for a total cost of up to US$45m.

At 9:20am: (LON:ADES) ADES International Holding Ltd share price was +0.63p at 13.38p

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