Saudi Arabia.. Addis Holding shares rise after winning a contract to operate a drilling rig

Addis Holding Company’s shares, listed and traded on the Saudi market “Tadawul”, rose by 1.06% in midday trading on Sunday, trading at a price of 17.14 riyals per share, after receiving official notification that it had won a contract to operate a fixed offshore drilling platform in the Gulf of Thailand region.

Trading in Addis shares at that time occurred through 4,696 trading transactions, over 2.67 million shares, with a trading value of 46.04 million riyals.

The highest share price at that time was 17.6 riyals per share, while the lowest share price was 17.1 riyals per share.

The stock witnessed a significant rise after Addis Holding Group received official notification from PTTEP Limited, a company specialized in energy development, that it had won a contract to operate a fixed offshore drilling rig in the Gulf of Thailand region, with the total value of the contract amounting to approximately 1.035 billion riyals.

The group confirmed that the basic contract period is up to five years, with an option to extend it for an additional three years.

The contract includes operating the marine platform called “Admarine 503”, which is similar in design to the “Admarine 502” platform, which began operating in Thailand during the last months of this year.

The group also indicated that this contract represents a new success in restarting the platforms, which were temporarily suspended in the Kingdom of Saudi Arabia, as this platform became the fourth to return to operation after the suspension.

She explained that this win strengthens its presence in the Southeast Asia region, as it now owns five fixed offshore platforms operating under contracts in the region, distributed between two platforms in Thailand, two platforms in Indonesia, and one platform in the joint development zone between Thailand and Malaysia.

Thus, its market share in the region reaches about 12%, excluding the three platforms operating in India.