ADES Holding Secures $117.2 Million Drilling Contracts from ONGC

ADES Holding Company secured three-year contracts from India's Oil and Natural Gas Corporation (ONGC) for the operation of two jack-up drilling rigs, the Key Singapore and Admarine 10. The combined firm contract value is approximately $117.2 million, including mobilization fees for both rigs.

Operations are scheduled to begin by the end of the first quarter of 2027. This timeline follows the conclusion of the rigs' current drilling campaigns, which are expected to end in the fourth quarter of 2026. The agreement expands the company's drilling activity in India and increases its international contract backlog.

Mohamed Farouk, CEO of ADES Holding, stated that the awards reflect the strength of the partnership and the continued confidence of clients in the company's ability to deliver safe, reliable, and efficient drilling services.