Saudi oil and gas driller Advanced Energy Services (ADES) has signed a jackup rig charter contract in Qatar with French energy giant TotalEnergies worth up to about $93.3 million.
According to ADES’ filings with the stock exchanges, the contract is valid for one year, in addition to three optional six-month extensions.
The project, which is expected to start in the second half of 2024, will allow ADES to continue to maintain its market share in Qatar following the planned relocation of one of the jackup rigs in the ADES fleet to Indonesia in the second half of 2024.
Earlier this month, ADES agreed with its Saudi Arabian customers to temporarily suspend operations of its five rigs in the Kingdom of Saudi Arabia for up to 12 months.