Business · Companies · 6 hrs ago
Saudi ADES wins two offshore drilling contracts in India worth $117 million
Saudi company ADES Holding won two offshore rig contracts in India with state-owned energy company ONGC.
The agreements cover the offshore drilling rigs Key Singapore and Admarine 10.
The contracts are worth 439.6 million riyals, or about $117.2 million, and each has a confirmed term of up to three years.
Operations are scheduled to start at the end of the first quarter of 2027, after the rigs finish their current assignments.
ADES said the new work will strengthen its presence in India and add to its international backlog.
India is an important market for the company because of its offshore resources and continued investment in oil and gas exploration and production.
The contracts reflect demand for offshore rigs, while the next step is for the two rigs to begin work in 2027.
ADES Holding won two contracts to operate offshore drilling rigs in India for ONGC.
The contracts are worth 439.6 million riyals, or 117.2 million dollars, in total.
Each rig has a confirmed contract term of up to three years.
The contracts cover the Key Singapore and Admarine 10 rigs.
Operations are due to begin at the end of the first quarter of 2027, after the rigs’ current campaigns end.
- Who
- ADES Holding and India’s Oil and Natural Gas Corporation Limited (ONGC).
- What
- ADES won two contracts to operate offshore drilling rigs. The contracts are worth 439.6 million riyals in total.
- When
- Announced on Sunday, November 8, 2026. Operations are due to start at the end of the first quarter of 2027.
- Where
- Offshore India.
- Why
- ADES said the contracts strengthen its presence in India and support its international backlog. It cited continued demand for jack-up drilling rigs and improving regional market conditions.
This story does not have two clearly opposing sides.
ADES announced it had won two contracts to operate offshore rigs for ONGC.
The rigs' current operating campaigns are due to end.
Operations under the new contracts are due to begin.
- Total contract value
- 439.6 million riyals (117.2 million dollars)
- Client
- Oil and Natural Gas Corporation Limited (ONGC)
- Rig names
- Key Singapore and Admarine 10
- Contract term
- Up to three years per rig
- Expected start
- End of the first quarter of 2027
2 sources
What people are saying
The new contracts reflect the strength of our long-term partnership with ONGC, one of the world's leading national energy companies and one of the group's main customers in India
This award confirms the company's operating track record in the Indian market and customers' continued confidence in its ability to provide safe, reliable and highly efficient drilling services