RIYADH: Saudi oil and gas giant ADES Holding has signed a new contract with PT Pertamina Hulu Mahakam for the Shelf Drilling Perseverance jack-up rig in Indonesia, worth about SR173.14 million ($46.2 million).
The deal, announced in a Tadawul statement on Oct. 27, 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 and a fleet utilization rate of 97.6 percent, according to its first-half 2026 earnings release published on the Saudi Exchange.
The company also reported a 49 percent increase in first-half revenue, supported by its acquisition of Shelf Drilling.
“The award marks the beginning of a valued new relationship between ADES and PHM, further broadening the Group’s client base in Southeast Asia and creating a platform for potential future collaboration in Indonesia,” the company said.
Start date
Operations under the contract are expected to begin around the end of December.
The start follows the rig's completion of its current short-term campaign in the region.
Southeast Asia push
ADES said the award strengthens its position in Southeast Asia and creates a platform for potential future collaboration with PHM in Indonesia.
It described the contract as another positive fixture for the group in the region, reflecting continued demand for offshore jack-up capacity.
The company added that the deal supports backlog visibility across its international platform.
It said it continues to pursue opportunities in the Southeast Asian offshore market that support fleet utilization, backlog replenishment and disciplined international growth.
Backlog momentum
ADES, which operates across 20 countries with a fleet of 128 units, including 88 offshore units, signed two other offshore contracts worth a combined SR858.3 million in July.
The Shelf Drilling Fortress rig secured a deal in the UK North Sea with a total potential value of SR483 million, while the Shelf Drilling Odyssey rig won a SR375.3 million contract with Seplat Energy Producing Nigeria.