ADES Extends Shelf Drilling Winner Contract to $222M

ADES

ADES

2382.SA

0.00

ADES Holding Co. announced on May 17, 2026 a contract extension for the Shelf Drilling Winner with Tenaz Energy Netherlands B.V., converting the initial one-year firm term into a three-year firm commitment for offshore drilling services in the Dutch sector of the North Sea. The total potential contract value, including the firm term and two optional one-year extension periods, is approximately SAR 832.24 million (USD 221.93 million). The extension increases ADES' firm backlog and enhances revenue visibility while supporting continued rig utilization in a tight offshore supply market.

Original announcement:

https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95419&anCat=1&cs=2382&locale=ar

Attached PDF document link:

https://www.saudiexchange.sa/Resources/fsPdf/26594_4926_2026-05-16_21-13-04_en.pdf

Important Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.

This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.