Riyadh - Mubasher: Addis Holding Company announced receiving a letter of award from PTTEP Energy Development Company Limited, regarding a contract to operate a jack-up offshore drilling platform in the Gulf of Thailand, with an estimated cumulative value of the contract at SAR 1.035 billion.

The company explained in a statement today, Sunday, on “Tadawul” that the contract extends for a confirmed period of 5 years, with the possibility of extension for another 3 years, and includes the operation of the Admarine 503 platform, which is a platform similar to the Admarine 502 platform that began operations in Thailand during the third quarter of this year.

She added that she had thus succeeded in re-operating the fourth of its platforms that had been temporarily suspended in Saudi Arabia.

The company indicated that the award of the contract enhances the company’s presence in Southeast Asia through 5 jack-up platforms contracted in the region, including two platforms in Thailand, two platforms in Indonesia and one platform in the Thailand-Malaysia Joint Development Area, bringing its market share to approximately 12% (not including the three platforms operating in India).