Saudi-listed ADES Holding has secured a new offshore drilling contract in Indonesia, adding a customer to its Southeast Asian business.
The Shelf Drilling Perseverance rig will work for PT Pertamina Hulu Mahakam under a contract worth around SR173 million ($46 million), including the firm and optional periods, mobilisation and start-up fees, according to the company’s Tadawul disclosure.
The firm term covers 406 days, with an optional 30-day extension.
Operations are expected to begin around late December 2026, after the rig completes its current short-term assignment in the region.
#WhyItMatters: The award begins a new relationship with the Indonesian operator and broadens ADES’ customer base in Southeast Asia.
Keeping rigs contracted between assignments supports future revenue visibility.
#TheDetail: The headline contract value includes the optional period. It should not be read as revenue guaranteed under the firm term alone.
Source: ADES Holding disclosure on Saudi Exchange (Tadawul), October 27, 2026, via Argaam.
