Saudi Addis renews a naval platform contract with Aramco with 1.61 billion Riyals

Addis Holding Company has signed a renewal contract with Saudi Aramco for one of its marine platforms, with a accumulated value of 1.61 billion Riyals ($ 429 million), for a ten -year period. This platform was one of the platforms whose work was temporarily suspended earlier, after Saudi Arabia abandoned plans to increase sustainable energy for oil production by one million barrels a day. The platform is currently working on works in Thailand, according to a statement from the company, which was published on the Saudi Stock Exchange website “Tadawul”, and will be announced later at the beginning of the start of the operation in the kingdom. This platform is the second naval platform that is renewed this year after it was previously suspended in Saudi Arabia. This contract comes within the series of agreements concluded by “Addis” since the beginning of 2025, which includes the signing of contracts in various Nigeria countries to Qatar, with a value of more than 3 billion Riyals. “Addis” provides drilling and production services for the oil and gas sector, and the Saudi public investment fund has 23.7% of the company’s capital.