RIYADH: Saudi oil and gas giant ADES Holding has signed a new contract with PT Pertamina Hulu Mahakam for the Shelf Drilling Perseverance jack-up rig in Indonesia, worth about SR173.14 million ($46.2 million). The deal, announced in a Tadawul statement on Oct. 27, covers a firm period of 406 days, plus an optional 30 days. The contract value includes mobilization and demobilization fees. ADES reported a total backlog of SR34.67 billion as of June 30 and a fleet utilization rate of 97.6 percent,

Source: Arab News