ADES Holding Company announce that it has received a Letter of Intent (LOI) from PTTEP Energy Development Company Limited (PTTEP) for an 18-month jack-up drilling contract in the Gulf of Thailand. The LOI marks ADES' entry into the ninth country of operations and comes on the heels of the recently announced expansion in Indonesia as the Group delivers on its strategy to grow its global footprint in Southeast Asian markets. This is also in addition to the three rigs currently in India, which brings the Group's operations in this promising part of the world to a total of five jack-ups.

Key Highlights of the Award: The contract comprises an 18-month firm term plus a nine-month optional extension. Operations are expected to commence during the second half of 2024, utilizing one of ADES' modern jack-up drilling units. The total contract value from the firm and optional terms is approximately SAR 354 million, including mobilization.