Addis Saudi Arabia expands naval drilling contracts in Egypt

Addis Holding Company, which is partly owned by the Saudi public investment fund, expanded three naval drilling platforms in Egypt. The company, in a statement published on the Saudi Stock Exchange website “Tadawul”, said that the value of the expected cumulative works for contract extensions amounted to $ 673.5 million ($ 179.6 million). The contracts deal with three increased platforms that work for the general petroleum business, which is ‘Adhamarin 3’ and ‘Adhamin 6’, and whose contracts have been extended for one year, confirmed with the option of extension for an extra year, provided the two extensions in the years 2025 and 2026 begin to the end of the current periods. The platform contract “Adhamarine 5” has been extended for a three -year period, confirming with the option to extend for a fourth year, and the expansion will come into effect immediately. The Saudi public investment fund has a 23.8% stake in “Addis”, which was included in the Saudi financial market in October 2023 with a market value of 15.24 billion Riyals, and the market value is currently about 17.16 billion rows, according to the closure of yesterday’s session. According to the financial statements, Egypt is the second country in terms of the volume of the revenue of the company for the year 2024 to Saudi Arabia, where the value of its income from Egypt amounts to about 934 million Riyals, and the company also has in Kuwait, Qatar, India, Algeria and Tunisia, Southeast.