Oil and gas drilling services provider ADES has been awarded contracts by India’s state-controlled oil and gas company Oil and Natural Gas Corporation (ONGC) to provide two standard jackup rigs in India.
The agreements, covering the rigs Key Singapore and Admarine 10, span a firm period of three years each.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The total value of these contracts, including mobilisation fees, amounts to approximately SR439.6m ($117.2m).
Operations for the awarded rigs are expected to begin by the end of the first quarter of 2027 (Q1 2027).
This timeline follows the conclusion of the rigs’ current commitments by the end of the fourth quarter of 2026 (Q4 2026).
The contracts are set to further extend ADES’ business activity in India.
ADES said the agreements build on its long-standing presence in the Indian market and underscore its ongoing connections with leading national oil companies.
The company noted that the new contracts add to its international backlog and support the ongoing deployment of its offshore fleet.
ADES attributed the contract wins to a backdrop of improved market conditions for jackup rigs in the region, with increased utilisation contributing to a “more constructive contracting environment.”
In November last year, ADES completed the acquisition of Shelf Drilling through a cash merger.
The combined company operates a fleet of 83 offshore units, including 46 premium units, together with 40 onshore rigs.
Its operational reach has grown to 19 countries, compared to 13 before the merger.
The group reports that the transaction strengthens its presence in its core markets.
ADES said the newly enlarged business is supported by a total backlog of more than SR34bn ($9.07bn), providing multi-year revenue visibility and capacity to pursue larger premium projects.
