Saudi Arabia’s ADES Holding has secured a $46.2 million contract to deploy its Shelf Drilling Perseverance jack-up rig in Indonesia, the company announced on October 27. The agreement with PT Pertamina Hulu Mahakam (PHM) spans a firm period of 406 days, with an optional extension of 30 days, and includes mobilization and demobilization fees.

Operations under the new contract are scheduled to begin near the end of December, following the rig’s completion of its current short-term assignment in the region. ADES described the contract as a strategic entry point for a broader partnership with PHM, aiming to expand its presence in Southeast Asia and create opportunities for future collaboration in Indonesia’s offshore sector.

As of June 30, ADES reported a backlog of SR34.67 billion ($9.2 billion) and a high fleet utilization rate of 97.6 percent, according to its first-half 2026 earnings filing on the Saudi Exchange. The company noted a 49 percent increase in half-year revenue, attributed in part to its acquisition of Shelf Drilling, which has broadened its operational capabilities.

The recent contract reinforces ADES’s position in the Southeast Asian offshore market, reflecting ongoing demand for jack-up rigs in the region. It also supports the company’s backlog visibility and fleet utilization goals, aligning with its strategy of disciplined international growth.

ADES operates a total fleet of 128 units across 20 countries, including 88 offshore units. In July, the company secured two additional offshore contracts valued at SR858.3 million ($228.4 million). These include a deal for the Shelf Drilling Fortress rig in the UK North Sea valued at SR483 million and a contract for the Shelf Drilling Odyssey rig with Seplat Energy Producing Nigeria worth SR375.3 million.

The Indonesian contract is ADES’s latest move to consolidate its footprint in key international markets by leveraging its expanded fleet and diversified client base.