ADES Holding, the Saudi-listed offshore and onshore drilling contractor, signed a contract worth about SR173.14 million ($46.17 million) to provide offshore drilling services in Indonesia, the company said on Tuesday.
The contract with PT Pertamina Hulu Mahakam (PHM) covers the Shelf Drilling Perseverance jackup rig and was signed on October 26, ADES said in a filing to the Saudi Exchange, Mubasher reported.
The deal has a firm term of 406 days with an option to extend by up to 30 days. Its total value covers the firm and optional periods and includes mobilization fees and startup costs.
The rig is expected to start operations at the end of December 2026, after completing its current short-term assignment in the region.
The contract marks a new client relationship with Pertamina Hulu Mahakam and expands the group’s customer base in Southeast Asia, Asharq Al-Awsat reported, citing the filing.
ADES expects the financial impact to start showing in its results from the fourth quarter of 2026. The company said no related parties are involved and that the contract falls within its ordinary operating activities.
