ADES wins $117 million ONGC contracts for two India jack-ups
ADES Holding secured three-year contracts from India's ONGC for two offshore jack-up rigs.
· Last verified: 8 Nov 2026 (Saudi Exchange (Tadawul) — ADES Holding disclosure)
Summary
- ADES Holding secured three-year contracts from India's ONGC for two offshore jack-up rigs.
- Combined value is about 439.6 million riyals, or roughly $117.2 million, including mobilization fees.
- The awards extend work on rigs whose current India campaigns end in late 2026.
The latest
Saudi drilling contractor ADES Holding has won contracts from India's Oil and Natural Gas Corporation to operate two conventional offshore jack-up rigs, Key Singapore and Admarine 10, in Indian waters. The company told the Saudi Exchange the firm period runs three years per rig, with a combined value of about 439.6 million riyals including start-up fees. The award was dated 5 November 2026.
Details
- The numbers: ADES put the total value of both contracts over the firm period at roughly 439.6 million Saudi riyals, equivalent to about $117.2 million, a figure the company said includes mobilization fees. The firm duration is three years for each of the two rigs.
- The assets: The contracts cover Key Singapore and Admarine 10, both described by ADES as conventional jack-up rigs, deployed offshore India. The disclosure named the two units specifically but did not break down the award value between them.
- The client: The counterparty is Oil and Natural Gas Corporation Limited, India's state-run upstream producer and the country's largest offshore operator. ADES said no related parties are involved in the transaction.
- The timeline: Operations under the new contracts are expected to begin by the end of the first quarter of 2027, according to the disclosure. That follows the completion of the rigs' existing operating campaigns, which ADES said run through the end of the fourth quarter of 2026.
- Backlog effect: Because both rigs were already working in India under campaigns ending in late 2026, the awards convert expiring work into three years of contracted revenue rather than adding new units. ADES said the deals support visibility on its backlog through its international business platform.
- Company framing: ADES said the awards strengthen its position in India and represent a new addition for the group in that market, pointing to continued demand for offshore jack-up drilling rigs. The statement did not quantify the company's total India exposure.
- Market reading: The company cited improving conditions in the regional offshore jack-up segment, saying higher utilization rates are helping create a more positive contracting environment. It did not provide utilization figures or name comparable regional tenders.
- The filing: The announcement was published on the Saudi Exchange website on Sunday, 8 November 2026 at 08:06, three days after the award date. ADES disclosed no financial impact estimate for a specific quarter beyond the expected start of operations.
Background
ADES Holding is a Saudi-listed offshore and onshore drilling contractor that has expanded beyond its core Gulf market in recent years, building an international business that includes operations in India alongside its regional fleet.
Between the lines
The strategic weight here is in timing rather than scale. Both rigs were contracted in India through the end of 2026, so the awards remove a near-term rollover risk and lock the units in for three more years. The company's own reading links that outcome to rising jack-up utilization, which it says is pushing contracting terms in operators' favor across the region.
What's next
Watch for the start of operations by the end of the first quarter of 2027, confirmation that the current campaigns close out in the fourth quarter of 2026, and any ADES backlog update in its next quarterly results.