ADES Holding has signed a new contract with PT Pertamina Hulu Mahakam for the Shelf Drilling Perseverance jack-up rig in Indonesia, valued at about SR173.14 million ($46.2 million). The deal was announced in a Tadawul statement on Oct. 27.
The contract covers a firm period of 406 days, plus an optional 30 days. The contract value includes mobilization and demobilization fees.
ADES reported a total backlog of SR34.67 billion as of June 30, along with a fleet utilization rate of 97.6 percent.