Ades Holding receives notices to resume operations at all offshore rigs in Saudi Arabia
Ades Holding has announced it has received notices to restart operations at all its offshore rigs in Saudi Arabia after a temporary suspension.
Key Takeaways
AIAdes Holding, a global leader in drilling services for the oil and gas sector, announced it has received notifications to resume operations at all its offshore rigs in Saudi Arabia that were temporarily suspended.
According to a statement from Saudi Tadawul on its X account, the resumption notices reflect the continued strength of the offshore drilling market, with contracted jack-up rig utilization rates exceeding 90 percent amid robust day rates. This indicates a structurally tight market that benefits Ades as the world's largest owner of jack-up offshore drilling rigs.
Ades recently issued an operational update, announcing its EBITDA guidance for the 2026 financial year, projecting a 33-44 percent increase compared to the upper end of the previous year's guidance range. This outlook is supported by operational efficiencies, diversified business growth, and the strength of its global platform.
View the post on X