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ADES Secures 10-Year Contract Renewals for Two Onshore Rigs Operating in KSA

Element ListExplanation
Date of Announcement of the Award 2024-10-13 Corresponding to 1446-04-10
Contract Subject Matter Contract Extension for Onshore Drilling Services
The Entity with Which the Contract was Signed Saudi Aramco
Date of Signing the Contract 2024-10-10 Corresponding to 1446-04-07
Contract Value Approximately SAR 946 million
Contract Details 10-years contract extension with Aramco in Saudi Arabia for two onshore rigs ADES 13 and ADES 14.
Contract Duration 10-years contract extension.
Financial Impact and the Relevant Period Extension to commence immediately upon expiry of the rigs’ current firm tenor.
Related Parties N/A
Attached Documents  

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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