ADES Holding Company announced that it received notifications of extension for three of its offshore jack-up rigs operating in Egypt. The three rigs are contracted by the General Petroleum Co. (GPC), which has notified the Group of a two-year extension for the Admarine III and Admarine VI contracts, as well as a one-year extension for the Admarine V contract.

The Group expects the extensions to be executed in the coming weeks following the approval of the Egyptian General Petroleum Corporation (EGPC). The extensions further solidify the Group's position in the Egyptian market and add visibility to the business with a total estimated backlog of SAR 450 million (c.USD 120 million). Additionally, the extension come with a double-digit percentage increase in daily rate compared to the Group's current average rates in Egypt, an increase that reflects the current market environment for the jack-up industry.