Saudi Arabia's ADES Holding Company has announced the acquisition of a contracted jack-up rig from Dubai-based Vantage Drilling International Ltd for $105 million. The rig, located in the Malaysia-Thailand Joint Development Area in the Gulf of Thailand, is expected to strengthen the presence of ADES' subsidiary, ADES International Holding Ltd, in Southeast Asia. This deal highlights ADES' continued expansion in key offshore regions as it bolsters its drilling capabilities.

An asset purchase agreement has been signed, with 10% of the payment due at signing and the remaining 90% to be settled upon closing. The company currently operates seven jack-up rigs across Indonesia, Thailand, and India, and has a total of 49 offshore assets globally, focusing on oil and gas well drilling in shallow waters.