Saudi-listed ADES Holding Company has won contracts from India’s Oil and Natural Gas Corporation (ONGC) for two standard jackup drilling rigs, Key Singapore and Admarine 10.
The combined value for the firm periods of both rigs, including mobilisation fees, is about SAR 439.6 million ($117.2 million). Each rig has a three-year firm term. Operations are expected to start by the end of the first quarter of 2027.
ONGC jackup contracts at a glance
- Client: Oil and Natural Gas Corporation Limited (ONGC), India
- Contractor: ADES Holding Company
- Rigs: Key Singapore and Admarine 10 (standard jackups)
- Location: Offshore India
- Firm term: Three years for each rig
- Expected start: By the end of Q1 2027
- Contract value: About SAR 439.6 million ($117.2 million) for both rigs’ firm periods, including mobilisation fees
- Announced: 8 November 2026
Scope and timing
Both rigs will provide offshore drilling services for ONGC. A jackup is a mobile rig whose legs are lowered to the seabed so the drilling platform can stand above the water. These rigs are widely used in shallow offshore fields.
Both units will finish their current campaigns by the end of Q4 2026 and then start work for ONGC. ADES did not give the separate value of each rig’s contract or any option periods.
Dr. Mohamed Farouk, CEO of ADES Holding, said: “These awards reflect the strength of our partnership, our proven operating track record in the country, and the continued confidence of our clients in ADES’ ability to deliver safe, reliable and efficient drilling services.”
He added: “India remains an important market for ADES, supported by a large offshore resource base and continued investment in upstream activity.”
ADES said the awards come as market conditions improve in the regional jackup segment. Higher rig utilisation is making the contracting environment more constructive.
ADES is based in Al Khobar and operates the world’s largest offshore jackup fleet: 86 offshore jackups, 51 of them premium units. It also runs 40 onshore rigs across more than 20 countries.
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