ADES Saudi Arabia has signed a new contract with QatarEnergy to extend the operations of its drilling rig Aquamarine Driller for an additional four years, strengthening the company’s regional and global expansion ambitions.

The Saudi-listed company announced that the total accumulated value of the contract, including the firm term and optional extensions, is estimated at SAR 808 million (USD 215 million).

Under the agreement, the rig will operate for a confirmed term of four years, with the option of three additional one-year extensions, potentially extending the partnership to seven years.