Keppel O&M unit inks $155m worth of bareboat charter contracts with ADES

The contract will run for five years.

Keppel Offshore & Marine, through its wholly owned subsidiary, inked bareboat charter contracts with ADES Saudi Limited Company to deploy two jackup rigs in Saudi Arabia.

This marks the fifth and sixth bareboat charters secured by Keppel O&M this year.

In its five-year run beginning 1H2023, the charter is expected to generate a total revenue of about $155m for Keppel O&M.

The two rigs to be used for these charters are Cantarell III and Cantarell IV. They will be renamed ADM685 and ADM686.

Currently, the two rigs are in Mexico and will be transported to Saudi Arabia for modification works before commencing their charters for ADES.

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