ADES Holding Company announced that it has secured a contract extension for one of its standard jackup drilling rigs operating in the Kingdom of Saudi Arabia ("KSA"). The contract extension is for a duration of 10 years, which is significantly longer than the standard contract terms typically offered for similar assets globally. Key Highlights of the Contract Extension: The extension is for ADES' jackup drilling rig Admarine 657, which is currently operating in the Kingdom of Saudi Arabia.

The contract term is for 10 years and is expected to commence in the third quarter of 2024 immediately upon expiry of the current contract term. Total backlog from the extension is estimated at SAR 1,317 million (USD 351 million), reflecting the longer than average term of the awarded extension.