ADES Holding has secured contracts from India’s Oil and Natural Gas Corporation (ONGC) for two jack-up drilling rigs, Key Singapore and Admarine 10.

The combined value is approximately SAR 439.6 million ($117.2 million), including mobilisation fees. Each rig has a firm three-year contract.

Operations expected by the end of Q1 2027

The contracts were awarded on November 5, 2026, and announced on November 8.

Operations are expected to begin by the end of the first quarter of 2027, following completion of both rigs’ current drilling campaigns by the end of 2026.

Continued presence in India

The awards secure further employment for the two rigs and add to ADES’ international backlog. The company said they strengthen its established position in India and its relationship with ONGC.

ADES attributed the awards to improving regional jack-up market conditions, with stronger utilisation supporting a more favourable contracting environment.

Six rig-years of firm work

Together, the contracts provide six rig-years of firm work, improving visibility over fleet deployment after the current campaigns end.

Specific fields and detailed drilling programmes were not disclosed in the announcement.