Dubai – Business News Report|| Saudi Ads Holding has secured two new offshore drilling contracts with the Oil and Natural Gas Corporation (ONGC) of India. The agreements involve the operation of two traditional jack-up rigs, named Key Singapore and Admarine 10. The total value of these contracts exceeds $117 million, specifically amounting to 439.6 million Saudi riyals when including mobilization fees.
Contract Details and Operational Timeline
The contracts were awarded on November 5, 2026. Each agreement carries a confirmed duration of three years. Operations for both rigs are scheduled to commence by the end of the first quarter of 2027. This timeline follows the completion of their current operational campaigns, which are expected to conclude by the end of the fourth quarter of 2026.
Strategic Expansion in Asian Markets
This move aligns with Saudi Ads’ strategy to enhance its international presence. The company is capitalizing on sustained demand for jack-up drilling rigs in Asian markets, particularly in India. The Indian market represents a significant opportunity due to the country’s vast offshore resources and continued investment in oil and gas exploration and production activities.
Executive Commentary on Market Confidence
Mohammed Farouk, Chief Executive Officer of Saudi Ads Holding, stated that the awards reflect the strong long-term relationship with ONGC, a key client in the region. He emphasized that the new contracts confirm client confidence in the group’s ability to deliver safe, reliable, and high-efficiency drilling services. Farouk noted that improved utilization rates for jack-up rigs provide new opportunities for companies with strong operational capabilities.
Market Reaction and Stock Performance
Following the announcement, shares of Saudi Ads rose by 0.71% on the Saudi Tadawul exchange on Sunday, November 8, 2026. The stock closed at 8.56 Saudi riyals ($2.28), gaining 0.06 riyals compared to the previous session. Trading volume reached approximately 7.16 million riyals across 1,653 transactions.
Historical Presence and Fleet Capacity
Saudi Ads entered the Indian market in 2023 with three initial drilling contracts. In October 2024, the group expanded its footprint in India and Southeast Asia through acquisitions worth $190 million, bringing its regional rig count to seven. Headquartered in Al Khobar, the company operates in over 20 countries with a fleet of 86 jack-up rigs, including 51 premium units.
This story was produced in the newsroom from the disclosed sources named above.
