Arab Finance: The Saudi natural gas drilling and production services provider ADES Holding has been granted extension for three of its offshore jack-up rigs operating in Egypt, according to a statement by the firm.

The contracts signed with the General Petroleum Company (GPC) for Admarine III and Admarine VI jack-up rigs have been extended for two years, while the contract sealed for Admarine V has been extended for one year.

The extension bolsters the company's position in the Egyptian market with a total estimated backlog of $120 million.

Moreover, the renewals will result in a double-digit percentage increase in the company's daily rate in Egypt.

It is worth noting that the Saudi firm operates 10 maritime drilling rigs in Egypt out of its fleet of 49 rigs.

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