ADES Wins Two Multi-Year Jackup Rig Deals With India's ONGC
ADES Holding will supply two jackup rigs to India's ONGC under multi-year deals worth SAR 439.6 million, with work starting by end-Q1 2027.
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what happened
ADES Holding said it has secured multi-year contracts for two self-elevating jackup rigs with India's ONGC. The contract value is SAR 439.6 million, according to Reuters.
Under the terms, operations are expected to begin by the end of the first quarter of 2027. Each rig carries a firm three-year contract period.
why it matters
For markets this is a mid-sized deal, but firm long-term contracts add visibility to the contractor's revenue in offshore drilling. Such orders typically reduce reliance on one-off projects.
tags
instruments
sources
- Ades Holding Secures Multi-Year Contracts For Two Jackup Rigs With ONGC In India — Reuters, 8 November 2026 at 05:24 UTC
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